Ethereum hits new record high, Bitcoin climbs back above $17,000
January 6, 2018 7:17 am
Digital currency Ethereum soared Friday to a record high, while bitcoin attempted o recover from a recent fall.
Ethereum briefly raised 9.6 percent to an all-time high of $950 on Friday, according to Coindelite Price Chart. The digital currency carved gains and was trading Friday evening about 1.7 percent higher near $980. It had a market capitalization of about $96 billion, trending in third place behind ripple.
Bitcoin, the largest digital currency in market cap, jumped more than 13 percent Friday to a high of $17,178. That was still about 13 percent below its record high hit in mid-December.
In opposition to bitcoin, Ethereum allows the developers to build applications on its network. Ethereum is up more than 30 percent in January. On Tuesday, its Co-founder, Vitalik Buterin, posted a blog in order to announce the subsidy programs for improving the ability of Ethereum network to process more transactions.
Benjamin Roberts, co-founder, and CEO of Citizen Hex said:
“I think there’s an increasing probability of getting done and that’s why you’re seeing the price increase.”
“The value of any one of these cryptocurrencies is very, very correlated with the utility. Speculators will only take it so far and people won’t hold it anymore if they can’t use it, I think people are just starting to wake up and realize the differences.”
Alex Sunnarborg, a founding partner of cryptocurrency fund Tetras Capital, said:
“I think the market will likely soon shift its denomination back to the larger, more liquid, and more trusted assets like bitcoin, driving up their price while sending some smaller assets falling steeply as large holders exit on thinly traded markets.”