Beth Pattinson
Ethereum breaks through the threshold of $400, reaching an all-time high price value. Seems like, Bitcoin is not the only blossoming cryptocurrency.
The second biggest digital currency by market hit $400 price value on Thursday after months of fluctuating around $320. After reaching the milestone the cryptocurrency trades at an all-time high $470 (at the time of writing) according to Coinmarketcap.
This is the second time it has surpassed $400 after it reached the previous all-time high of $407 back in June.
Ethereum, in addition to the spike in its price value, boasts a market capitalization of $40 billion now, behind Bitcoin with $137 billion. Bitcoin was also successful hitting a record high value of $8000 on Monday.
Although the price of Ethereum is 20 times lesser than Bitcoin, its blockchain is much efficient with an increased adoption rate as compared to Bitcoin. Currently, Ethereum processes about twice as many transactions as Bitcoin every day, but at much lower costs.
The renewal of this climax point was forecasted in August by Ronnie Moas, an analyst famous for his often correct predictions about cryptocurrency price values.
Interestingly, this surge is seen just two weeks after a critical vulnerability in the popular Ether wallet ‘Parity’ that left thousands of users locked out of their accounts. Approximately $250 million worth of Ether was frozen by the Wallet bug.
The price of Ethereum is expected to continue inclining for the rest of 2017as large investment banks like JP Morgan, plan to launch Ethereum-focused bonds and funds by early 2018.
Also Read: Bitcoin hits new record high, breaking $8,000 for the first time
