Ether, which is the world’s second-largest digital currency, has hit a high record on Thursday. It has got driven up by the continuous rally in bitcoin.
The price of ether is hitting by $1918.52 in the morning trade in Asia. It has pared with some gains as per the CoinDesk data. It had been trading near $1883.58 at 12.14 pm Singapore time, which is up by 8%.
Ether has seen a year-to-date price rise of 160%, which is compared to the 78% surge of bitcoin in the same time period.
The rally of bitcoin has surpassed by $52000 for the first time on Wednesday. It has helped to push up ether also.
“The ether slingshot is in motion, with the number 2 coin looking cheap and posed to surge relative to bitcoin’s $52k level,” said Jehan Chu, the co-founder of cryptocurrency-focused venture capital and trading firm, Kenetic Capital.
Ether is the digital coin that is powering the network of ethereum. The developers can also build apps, which are upon the ethereum network.
In this way, ethereum is working as a kind of decentralizing software platform. It is different from that of bitcoin, which is designed as being only a currency or store of value. However, it is similar to bitcoin in the fact that it is underpinned by the so-called blockchain technology.
Since there is no single factor for the price rise on Thursday, there are some developments that are going on in the background. Last year, there had been an upgrade called Ethereum 2.0, which was launched for a network. The proponents are arguing on this, saying that it is going to help ethereum and the coin, ether, to make it become bigger. The upgrade is still rolling out everywhere. From this month, the derivatives exchange, CME, has launched the futures of ether. It is going to open doors for more investors to get into the action.
“Despite ongoing complaints about Ethereum network fees, it remains the go-to destination for all blockchain applications,” said Jehan Chu.