Ethereum hits new high, soaring above $1,000 for first time
Ethereum, the third-largest cryptocurrency by market value, has hit an all-time high after breaking through the $1,000 mark for the first time.
The digital currency rose above $1,000 per unit in early trading on Thursday. Ethereum’s rise echoes that of other alternative cryptocurrencies, such as ripple, which have experienced massive surges as bitcoin loses its market dominance.
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Ethereum’s market capitalization rose above $100 billion for the first time on Thursday, according to Coinmarketcap data. One ether was worth between $700 and $800 for most of the second half of December but, over the past week, this has rallied by 40 percent.
Ripple is still the second-biggest cryptocurrency by market capitalization after massive surges - including a 1,300-percent increase over the last month - led it to surpass ethereum a week ago.
Despite the growth of other cryptocurrencies, bitcoin still sits at the top in terms of market capitalization at $251 billion, with its price at more than $15,000. Bitcoin has seen a 25-percent fall from its record of more than $20,000 in mid-December.
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Earlier this week, ethereum founder Vitalik Buterin announced the launch of two subsidies to support research into the scalability and development of the cryptocurrency.