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ether, the native currency of the ethereum network and the second most valuable cryptocurrency, has surpassed $1,000 for the first time since 2018. the rise is part of a broader cryptocurrency boom inspired by the continued rise in the price of bitcoin.
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Last month, bitcoin topped $20,000, surpassing its previous all-time high of around $19,500. Since then, it has continued to rise, topping $30,000 in recent days. As I write this, a bitcoin is worth about $31,000.
Cryptocurrencies tend to go up and down together. so it is not surprising that other virtual currencies are also on the rise. ether has seen dramatic gains over the last year. in early 2020, an ether was worth around $140. The price rose to around $600 in late November, the same month bitcoin began flirting with a new high. In recent days, ether has been on the rise, going from $600 on Christmas Day to over $1,000 today.
Reading: Ether above as bitcoin sets another
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It’s not just ether. Litecoin, one of the oldest “alternative currencies,” has tripled in value in the last three months to $150. bitcoin cash, a variant of bitcoin that is optimized for high transaction volumes, has nearly doubled over the same period and is now worth $400.
A new cryptocurrency called polkadot has tripled in value since it was introduced in August. Polkadot was co-founded by Gavin Wood, who was also a co-founder of Ethereum, so investors expect it to be the “next Ethereum.” polkadot has already become one of the top 10 most valuable cryptocurrencies, eclipsing virtual currencies that have been around for much longer.
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Recent months have also seen continued growth in Tether, a cryptocurrency whose value is pegged to the US dollar. Cryptocurrency traders like Tether because it allows them to hold virtual dollars without the hassles of paperwork imposed by the conventional banking system. While pundits have long warned of the coin’s shaky foundations, it has maintained its $1 peg for several years. Over the past year, the value of Tether coins in circulation has increased fivefold: from $4 billion in early 2020 to $21 billion today.
An exception to the general optimism of the cryptocurrency market is xrp, the currency of the ripple network. Just before Christmas, the Securities and Exchange Commission charged two Ripple executives with selling unregistered securities. The SEC action dates back to the original issuance of XRP in 2013, raising questions about the legal underpinnings of the Ripple network. The announcement has caused some US cryptocurrency exchanges to stop offering XRP trading. xrp has lost two-thirds of its value since the November spike.
Overall, bitcoin continues to dominate the cryptocurrency market. the value of all bitcoins in circulation is $580 billion. The number two cryptocurrency, ether, is worth $115 billion. tether is worth $21 billion and xrp is worth $10 billion. no other cryptocurrency is worth more than $10 billion, and the value of all other cryptocurrencies combined is roughly $120 billion, according to coinmarketcap. bitcoin accounts for 68 percent of the value of the entire cryptocurrency market.
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