This Cryptocurrency Hit a Record High—And It’s Not Bitcoin
Ethereum reached an all-time high above $ 400 Monday, continuing a surge in cryptocurrencies in 2017.
The cryptocurrency jumped as high as $ 415.31 a piece, up about 5,107% since the start of the year. At the same time, bitcoin reached another all-time high over $ 3,000 over the weekend, over 210% year-to-date. The price of both cryptocurrencies had retreated by early trading Monday.
Cryptocurrencies have been on a tear in recent months partly thanks to investors seeking a safe haven to park their assets amid geopolitical instability. Meanwhile, some Asian governments, such as that of Japan, have introduced new rules that in part legitimized the asset as a form of payment.
Still, cryptocurrencies are highly volatile, helping fuel the argument that they are in bubble territory.
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