While the cryptocurrency has been quite popular this year, we have seen Bitcoin make records after records with the surges followed by various forks. However, it would be unfair to say that Bitcoin is the only major player in the cryptocurrency market. For Ether, the digital currency of the ethereum blockchain has made significant gains this year too.
Fighting side by side along Bitcoin, Ether made significant gain on the Thanksgiving Holiday. The cryptocurrency hit an all-time high of $425.55 Thursday, according to data from industry website Coinmarketcap. While bitcoin was trading at $8,200.91, up 2.48% in the last 24 hours, ethereum, on the other hand, blew past its June record high of $414.76 this morning. Going as high as $443.82, an increase of 10.61% within a day.
Unlike Bitcoin, Ether has seen tough times along the road. Ethereum, which was created after a hacker stole $55 million, suffered another mishap recently, when a developer accidentally “froze” ether worth nearly $150 million from an online wallet. However, the fall was soon followed by the current stupendous rise in the value of the cryptocurrency.
But more importantly, with a 30% price rise in a week, Ethereum finally seems to be catching up with Bitcoin, which recently hit an all-time high of about $8,200. The price of these two cryptocurrencies, widely regarded as the two most promising projects in the world of crypto, correlated closely until July this year. Then, Bitcoin’s price took off and Ether was left behind.
However, with the current predictions and the news that Ethereum might get its own derivatives market, ether would likely hit $500, by the end of this year.