The world’s second largest cryptocurrency Ethereum, or ether for short, hit a new record high on Monday of around $3 thousand 200 US dollars that’s about $4,122 Australian. Their prices have more than quadrupled this year, soaring 325 per cent. The world's largest cryptocurrency Bitcoin has had a great run too, doubling in value.
Ethereum is a decentralized, open-source blockchain with smart contract functionality. It’s a technology that's home to digital money, global payments, and applications. The community has built a booming digital economy, with new ways for creators to earn online. It's open to everyone, wherever you are in the world – all you need is the internet. The total value of all Ethereum in circulation is now about $367 billion, that’s according to CoinMarketCap. Bitcoin's market value is US$1.1 trillion that’s $1.42 trillion in Australian.
Ethereum’s power is also rising due to the growing number of developers building decentralized finance or "DeFi" applications on its blockchain platform, as well as a growing institutional interest in crypto as a market. The European Investment Bank has said it will issue its first ever digital bond on a public blockchain using Ethereum's technology.