Ethereum, the world’s second-largest cryptocurrency by market capitalization, established a new record high on Thursday.
The ETH/USD exchange rate reached $1,927 ahead of the London opening bell after surging 4.12 percent. Later, the pair gave up a small portion of its gain to profit-takers. It was trading at $1,896 as of 1224 UTC, still up 2.41 percent into the daily session.
Ethereum hits fresh highs in a bitcoin-driven rally. Source: ETHUSD on TradingView.com
Ethereum has surged by almost 157 percent this year and by up to 2,047 percent since the last March’s global market rout. The cryptocurrency has vastly outrun its top rival Bitcoin, whose gains in the last eleven months come to be near 1,262 percent.
But it is the rally in the benchmark cryptocurrency—which rose to its record peak above $52,000 on Wednesday—that has propelled Ethereum to its own all-time high. A brief downside correction in the Bitcoin market after hitting the said milestone resulted in a capital spillover across the Advertisements
