Ether, the native token of Ethereum, hit an all-time price high of $414.90 yesterday.
Before press time, the second largest cryptocurrency in the world by market capitalization had settled at a value of $413 – achingly close to Ether’s previous record high of $414, which was set in mid-June this year
According to CoinMarketCap, the Ether-U.S. dollar exchange rate has appreciated in value by 12.61% in the past 48 hours alone. Week-on-week, Ether is actually up by 24%, while on a month-by-month basis, it is up an impressive 43.33%. This is the kind of consistent growth that can’t be ignored, particularly by those who are sceptical about digital currencies.
As reported earlier in the week, it appears Ether is still enjoying the benefits of reports of upcoming increased access to its own regulated market of derivatives.
Meanwhile, interactions across social media suggest investors are keeping busy by making assessments of the impact of the rush in transaction volume over the past 48 hours. It is reported that Ethereum is processing more transactions per day than every other cryptocurrency put together. That’s an astonishing statistic as the popularity of cryptocurrencies continues to grow day-to-day.
And, let’s not forget, it can only be a boost to have billionaire Mike Novogratz making comments suggesting that Ether’s value could hit $500 by the end of 2017. Such a prominent financial figure can set market trends with such comments, so Ethereum will welcome them with open arms.
Ethereum will be hoping to capitalize on the turbulence that has hit Bitcoin recently. Since the much-reported fork, and the emergence of Bitcoin Cash, the notorious market volatility commonly associated with Bitcoin has only increased. Although Bitcoin has hit record highs this month, there are doubts over its future, and this can only help to encourage investors in the direction of Ethereum.