Negative Cryptocurrency Trend Defied by Ethereum to Reach An All-Time High

While almost all major cryptocurrencies traded in the red today, Eethereum was able to shot up to an all-time high.

Ethereum recently reclaimed its spot as the world’s second-biggest cryptocurrency in terms of market capitalisation. Today, according to the aggregate price of Coindesk, the cryptocurrency rose to a high of $1,417.

Meanwhile, Bitcoin fell below $14,000 to trade down over five percent at $13,710 at around 10 in the morning, and Ripple, which neared $4 last week, was trading down by 19 percent at $1.95.

Along with other cryptocurrencies, The ether token of Ethereum joined the current of bitcoin mania last year.

The digital currency is by over 13,000 percent in the previous year, and today, according to Coinmarketcap, the market cap of the cryptocurrency reached a high of $137bn as compared with the current value of bitcoin amounting to $232bn.

Unlike bitcoin, which was produced as an alternative to fiat currencies, ether is a token that fuels the Eethereum blockchain, and it tries to be a “world computer” that makes use of a blockchain in order to replace internet third parties, which store information in servers and clouds.

Before lunchtime today, Ethereum was trading up by 0.72 percent at $1,306.36.