Bitcoin is continuing to rise after a remarkable recovery that followed a similarly dramatic crash.
The cryptocurrency was up over $47,000 on Monday – up by more than 50 per cent up since crashing below $30,000 in late July.
The remarkable gains look relatively modest when compared to Ethereum (ether), which has nearly doubled in price during the same time period.
The world’s second most-valuable cryptocurrency was boosted by a major upgrade to its underlying network, which limits supply of the token, and has fuelled debate that Ethereum could eventually “flip” bitcoin.
The latest price surge means ether is up nearly 300 per cent since the start of 2021, compared to a 40 per cent hike for bitcoin. This has helped push Ethereum’s market cap from one fifth of bitcoin’s to nearly half its value.
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