Bitcoin rival Ethereum hits new heights as investors flock to cryptocurrencies


The world's second-largest cryptocurrency, Ethereum, has soared to a new all-time high following significant investor enthusiasm for Bitcoin alternatives in the nascent digital currency space.The price of one 'ether' reached $US1430 ($1855) overnight after a surging rally that began days after the new year and saw the digital token grow 82 per cent in under three weeks.Ethereum has now traded higher than in 2017, where a similar end-of-year rally saw the currency reach $US1400. The most recent price movement follows a similar boom in leading cryptocurrency Bitcoin, which hit over $52,000 in early January.But while Bitcoin's rally was fuelled by retail and traditional investors looking to get a foot in the door, Ethereum's is likely due to those same investors diversifying their portfolio in the cryptocurrency sector.Asher Tan, founder and chief executive of Australian crypto exchange CoinJar, says Ethereum is the second most-traded coin on his exchange and notes its…

Read the original article here