Ethereum hits new all-time high of $400

Blockchain-based cryptocurrency Ethereum has hit an all-time high, trading at up to $407 on international exchanges.

The cryptocurrency is a competitor to Bitcoin, the largest blockchain-based currency in the world.

Bitcoin has lost overall market cap this year while Ethereum and other altcoins have been steadily growing.

Ethereum has seen massive growth in the past few months, rapidly outpacing the growth of competing cryptocurrencies.

The currency’s growth is widely attributed to the platform’s smart contract integration.

Since breaking through the $400 mark on 12 June, Ethereum quickly dropped down to under $350.

The graph below shows Ethereum’s strong growth over the last three months.

Ethereum chart

Now read: Why Bitcoin is often more expensive in South Africa

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Ethereum hits new all-time high of $400