Ethereum soars to new all-time high above $440

  • The price of ether hit an all-time high of $US445 Friday morning, according to data from Markets Insider.
  • The digital currency is up more than 5,200% year-to-date.

The price of ether, the scorching-hot rival to bitcoin, soared to an all-time high above $US445 Friday morning, up more than 9% against the US dollar.

The new high follows a record-setting day for the cryptocurrency on Thursday when it broke through $US400 for the first time since June.

Ether has flown under the radar since June, trading close to $US300 until the beginning of November when it began to tick up. It is up more than 5,200% year-to-date.

Friday’s record followed a bullish prediction about the digital currency by Michael Novogratz, the famed hedge funder turned crypto-investor.

“Just in the last few days ethereum has started to move, and I actually think it’s going to put a new high soon,” Novogratz told Bloomberg News on Tuesday.

He also predicted the price of ether will hit $US500 before the end of the year.

“There’s a lot of positive things happening in the ethereum ecosystem,” Novogratz added.

Hundreds of companies – including JPMorgan, Santander, and UBS – are members of the Enterprise Ethereum Alliance, a collaborative group seeking to leverage ether’s ethereum blockchain for purposes outside the world of digital currencies.

Ethereum is also the blockchain on which companies run initial coin offerings, the cryptocurrency-based fundraising method, which this year have raised more than $US3 billion for tech startups.

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