Ethereum’s (ETH/USD) Ether hit a new record-high price of $1,417 on Wednesday after rising more than 60 percent in a week, The Independent reported.
The digital coin fell back slightly from that high to trade at $1,300, according to CoinMarketCap. With market capitalization of $125bn it stands behind Bitcoin’s (EXANTE: Bitcoin) market capitalisation of $240bn.
Ripple’s XRP which briefly deposed Ether from second place in the list after a surge in price last week, has since fallen sharply.
Ether’s ascent has come despite concerns being raised about the technology behind the ethereum network.
While Bitcoin uses blockchain technology for one application - to transfer online payments directly between users - Ethereum has a wider range of potential uses.
Ethereum co-creator Steven Nerayoff said earlier this week that its value could triple in 2018 due to increased projects built on the cryptocurrency.
Bitcoin Cash (EXANTE: Bitcoin.Cash) also surged more than 13% on Wednesday while most other other cryptocurrencies were in the red.