Ethereum hits new all-time high, breaks US$1,000
A brave new milestone.
Ethereum (ETH) has climbed rapidly to reach a new all-time high, breaking US$1,000 for the first time. Although past performance is no guarantee of future growth, this milestone may correspond with another surge of interest, and prices may climb higher in the near future.
"News of mainstream adoption is certainly driving the rally to some degree," said Jeff Koyen of 360 Blockchain USA, "but I think it's also a reaction to the bitcoin skeptics who have been especially vocal this week."
This may be one of the more direct factors contributing to Ethereum's current rise since bitcoin dips are often very closely related to Ethereum surges.
Ethereum's price rise also comes alongside the sharp ascent of a close competitor, NEO, sometimes known as "the Ethereum of China".
While the coupled rise of direct competitors may seem counterintuitive, this trend has cropped up elsewhere in recent days. As people do their homework on a surging coin, they also come across its closest competitors. Some buyers will hedge their bets and invest in both, while others will change their minds and go for the less-known alternative.
This was on full display over the last week as Ripple (XRP) became the hottest coin on the block, even going so far as to briefly unseat Ethereum as the world's number two coin by market cap. But its rise was also mirrored by an exceptional rise from Stellar Lumens (XLM).
With Ethereum being at the centre of a burgeoning cryptocurrency market, and bitcoin's position looking increasingly tenuous, many will be able to imagine more Ethereum growth in the near future.
Ethereum has also dedicated itself to ongoing development, and upcoming changes, such as Ethereum's Casper update, are buoying confidence, while further highlighting what many see as the stagnation of bitcoin.