Ethereum Jumps 12%, Reaches $710 For First Time Since 2018

The price of Ethereum, the leading alternative cryptocurrency or altcoin, is up 12.72% in the past 24 hours and was trading at USD 710 (EST) this morning, according to TradingView data.
What Happened: Ethereum (ETH), launched in 2013, has been the second largest cryptocurrency in terms of market capitalization after Bitcoin for years. Many crypto experts argue that the blockchain technology behind ETH is better than Bitcoin's and makes a better case for using it.
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The current capitalization of Ethereum is $ 80 billion, while the capitalization of Bitcoin is $ 499.5 billion at the time of publication.
This is the highest price Ethereum has hit since January 2018, when it hit an all-time high of $ 1,432.
Why It Matters: The premier digital currency, Bitcoin, had its best month in history. On December 16, it broke the $ 20,000 mark for the first time and grew to $ 26,000 in just two weeks.
At the time of this writing, it was trading at $ 26,724.
Image by Peter Patel from Pixabay.
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© 2020 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.

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