Ethereum reaches all time high, Bitcoin slumps

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Ethereum continued its multi-month rally on Thursday to hit a record high of $2,488.07 (£1803.04) while bitcoin (BTC-USD) retreated after much-anticipated stock market debut of US cryptocurrency platform Coinbase (COIN) in New York.

Ethereum was up 4.4% at $2,454.52 by late morning in London, having touched the record high in early trade. Bitcoin had slumped almost 2% to $62,766.77. Bitcoin had soared to a new all-time high above $64,000 on Wednesday.

The rally has coincided with the much anticipated stock market float of Coinbase.

Coinbase, the largest cryptocurrency exchange in the US, was briefly worth over $100bn when it debuted on the Nasdaq on Wednesday.

Shares ended their first day of trading at $328.28, below the opening price of $381.

The Wall Street Journal said Coinbase’s valuation was “a watershed moment for an industry.” The company was only founded in 2012 but today ranks among the 100 biggest businesses in the US.

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