Ethereum, the second-largest cryptocurrency platform, rose by more than 6% to $597 on Monday, the highest since mid-2018. Ripple’s price has doubled in November, revealing interest in cryptocurrencies as more people spend more time online due to the restrictions imposed by the COVID-19 pandemic.
- Ethereum has surged almost four-fold this year despite remaining short of its $1,500 record in January 2018
- The growing reputation of Bitcoin as an inflation hedge is boosting the price of other cryptocurrencies.
- Bitcoin has risen 160% this year and traded at around $18,632 on Monday, near three-year highs.
- The market capitalization of Ethereum and Ripple has been dwarfed by Bitcoin, which touched an all-time high of $336 billion last week.
- Ethereum and Ripple have market capitalizations of $40.6 and $48.5 billion, respectively.
Ethereum and Ripple are currently gaining as Bitcoin loses. BTCUSD is down 0.84%, ETHUSD is up 5.26%, XRPUSD is up 18.30%