Ethereum (ETH-USD) continued to rally on Thursday afternoon, hitting a new high of $2,586 (£1,864), up roughly 14%.
The world’s second cryptocurrency had enjoyed a multi-month rally before recently coming under selling pressure in the wake of Coinbase’s (COIN) hotly anticipated IPO, along with bitcoin (BTC-USD).
This was as alarm bells sounded in crypto markets amid reports that the US Treasury was planning to censure financial institutions for money laundering carried out through digital assets. Regulatory action in Turkey also hit sentiment.
However, ethereum price is soaring again.
“A break above $2,500 would be a significant signal for more buyers to join the market. If enough buying pressure is created behind ethereum, the price will begin the next chapter of the run to new all-time highs around $3,000,” a report on Coinpage said.
Bitcoin, on the other hand, hasn’t had quite the same luck as ethereum. It was down earlier in the day and was trading flat by the afternoon.
Investing Cube said that “ethereum’s price has recovered most of the losses… notably, it is surging at a time when bitcoin, ripple, and other popular currencies are struggling.”