This Cryptocurrency Hit a Record High—And It’s Not Bitcoin
Mon Jun 12 2017
Eric Whitman (223 articles)

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.

Eric Whitman

Eric Whitman

Eric Whitman is our Senior Correspondent who has been reporting on Stock Market for last 5+ years. He handles news for UK and Europe. He is based in London


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