Ethereum is soaring. Ether’s price surged past $4,000 Monday to hit a new record high, extending a stunning rally for the world’s second-largest cryptocurrency. According to Coin Metrics, Ether, the digital token of the Ethereum blockchain, rose nearly 7% in the last 24 hours to $4,141.99 at 3:40 a.m. ET. It currently has a total market cap of $476.3 billion, which is less than half the $1.1 trillion of bitcoin. Ether was trading at $4,130 as of 8:50 a.m. ET, up 6.7 percent.
Bitcoin, on the other hand, inched up around 0.9% to $57,861. Once in bitcoin’s shadow, ether has recently seen parabolic gains as investors seek out other cryptocurrencies for returns. In April, bitcoin dropped by more than2%, while ether increased by more than 40%.
According to CoinMarketCap, the total crypto market is currently worth about $2.5 trillion as a result of increasing interest in the space.
However, some investors still aren’t buying the crypto craze. Michael Hartnett, chief investment strategist at Bank of America Securities, said bitcoin’s rally looks like the “mother of all bubbles,“ while Alvine Capital’s Stephen Isaacs said there are “no fundamentals with this product, period.“