On the Bitstamp Exchange ether was last up about 4% at
US$3,568.92. Bitcoin was down 0.3% at US$57,353.03 and about 11% below its
record intraday high at US$64,895.22 set on April 14.
Ether, the token traded over the ethereum blockchain, topped
US$3,000 for the first time on Monday. It is up more than 385% this year,
compared with 96% for bitcoin.
The rise is in part a spillover from flows into bitcoin,
which has grown in stature as big-name investors from Elon Musk's carmaker
Tesla Inc to Wall Street investor Stanley Druckenmiller bought in.
"Ethereum has been able to maintain its positive
momentum, a crushing series of all-time highs in the past week," said
Konstantin Anissimov, executive director at cryptocurrency exchange CEX.IO.
"The current all-time high has reignited the ambitious
sentiment that ethereum may eventually flippen (supplant) bitcoin by market
capitalization in the near future."
Also, a technical adjustment called EIP (ethereum
improvement proposal) 1559, expected to reduce the supply of ethereum and go
live in July, has provided a lift for the digital currency.
Still, there is a speculative frenzy going on in the asset
class. Joke cryptocurrency dogecoin is up by 24,000% over the last 12 months
and is now the fourth-largest cryptocurrency by market capitalization.
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