Ethereum has reached a new all-time high going past the previous record of $407 back in June 2017. It is hovering around $412.84 at the moment.
The second most popular crypto currency after Bitcoin, with a market capitalization of more than $40 billion, has looked stronger than ever in the last few weeks. Since the start of 2017, its price has risen by more than 5,000 percent.
The bullish run of the virtual currency has continued despite the news of the $280 million Parity wallet hack that broke out in early November. The surge in Ethereum value also received a boost after the announcement of the first-ever regulated bond based on the coin.
According to CoinMarketCap, the ether-U.S. dollar (ETH/USD) exchange rate has seen an increase by 12.61 percent in the last 24 hours. On week-on-week basis ETH has picked up by 24 percent, while it is up 43.33 percent on a monthly basis.
Ronnie Moas, an analyst famous for his often correct forecasts of cryptocurrency prices, had predicted the renewal of the $400 mark this August. The billionaire investor Mike Novogratz has predicted that ether would hit $500 by the end of the year.
Reportedly, Ethereum is processing more transactions a day than all other crypto currencies combined. Donald McIntyre, the founder of Etherplan, noted that the demand for Ethereum as a settlement network has increased after the increase in transaction fees of the Bitcoin network.
Bitcoin cash had briefly dethroned Ether as the second largest digital currency earlier this month. Alternative crypto currencies (referred to as altcoins) in the market followed the price trend of Ethereum. The majority of altcoins in the market recorded significant gains as Ether surged from around $380 to $415, especially Bitcoin Cash, Litecoin, and Monero.
Bitcoin has also stabilized above $8,000 for some time now.