Ethereum Leaps to Another Record High, Surging Past $3,500

Ethereum hit another all-time high on Tuesday, extending the world’s second-biggest cryptocurrency’s year-to-date gains, amid ongoing expectations that it too will become a dominant form of payment and store of value like bitcoin.

Ethereum was up 12.36% at $3,502.94 according to CoinDesk, a new record and an extension of a rally that has seen its price gain around 360% so far this year. It later pared gains; at last check, the cryptocurrency was up 0.15% to $3277.15.

Bitcoin was down 4.43% at $55,797. It hit an all-time high of more than $64,000 last month. 

Interest in cryptocurrencies has surged over the past year, with bitcoin continuously pushing new record highs. Several factors including rising institutional interest and major companies such as Tesla  (TSLA) – Get Report buying the digital coin and PayPal  (PYPL) – Get Report accepting payment with it have been credited with its rise.

While different than bitcoin, ethereum and the digital token that is its solution to issue payment – ether – more recently have ridden a similar wave. In the crypto world, the terms ethereum and ether are used interchangeably.