Ethereum, the second-largest cryptocurrency, has reached a new all-time high above $4,400 U.S. on bullish sentiment surrounding an upgrade to its network.
Th price of Ethereum gained as much as 3.5% to $4,403.93 U.S, topping the previous record of $4,379.62 U.S. set in May of this year. Ethereum is now worth more than $510 billion U.S.
Ethereum’s milestone comes as the digital token has far outperformed Bitcoin throughout this year with a sixfold increase amid surging retail and institutional investor interest in the digital asset.
Ethereum underpins the affiliated Ethereum Network, the dominant blockchain used for thousands of decentralized finance (DeFi) applications. The system got a boost this week after a successful upgrade designed to make it faster and more energy efficient.
Bitcoin, the biggest cryptocurrency. rose some 40% this month to reach a record of almost $67,000 U.S. following the debut of the first Bitcoin-linked exchange-traded fund (ETF) in the U.S. However, Bitcoin has since pulled back and is currently trading at $60,985 U.S.
