Ethereum price jumps again as it approaches a new all-time high

  • Digital currency ethereum gains more than 7% to trade above $US1,200 for a second consecutive day.
  • It passed $US1,000 over the weekend.
  • Ethereum’s market capitalisation is now around $US119 billion.

LONDON – The price of cryptocurrency ethereum is closing in on a fresh all-time high during European morning trade on Tuesday as its recent rally shows no signs of stopping.

Ethereum, the second biggest cryptocurrency after bitcoin, crossed $US1,000 per coin for the first time on Friday, and continued to gain over the weekend, surpassing $US1,200 on Monday morning, before hitting a fresh record high of $US1,261.41 at around 5.00 a.m. GMT.

The cryptocurrency then dipped a little as Monday’s trade continued, but has climbed once again on Tuesday, hitting a daily high of $US1,217, a gain of roughly 7.5%, at around 8.20 a.m. GMT (3.20 a.m. ET), as the chart below shows:

Screen Shot 2018 01 09 at 08.23.09Markets Insider

Ethereum’s recent rally first started after a fourth-quarter report on the performance of the currency – which is a decentralized network for people to run contracts on – showed that transaction volumes on its network doubled, according to a blog post, “surpassing 10 transactions per second for days at a time.”

Ethereum’s recent rally means the cryptocurrency now has a market capitalisation of more than $US119 billion, according to data provider CoinMarketCap.com. That equates to around 15% of the entire cryptocurrency market.

Ethereum’s fortunes have diverged slightly from bitcoin’s in early trading this week, with bitcoin dropping more than 8% on Monday. It has since staged a small comeback, but is up just over 1% for the day, as of 8.20 a.m. GMT:

Screen Shot 2018 01 09 at 08.26.32Markets Insider

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.