Ethereum hits new high, soaring above $1,000 for first time

Ethereum, the third-largest cryptocurrency by market value, has hit an all-time high after breaking through the $1,000 mark for the first time.

The digital currency rose above $1,000 per unit in early trading on Thursday. Ethereum’s rise echoes that of other alternative cryptocurrencies, such as ripple, which have experienced massive surges as bitcoin loses its market dominance.

Ethereum’s market capitalization rose above $100 billion for the first time on Thursday, according to Coinmarketcap data. One ether was worth between $700 and $800 for most of the second half of December but, over the past week, this has rallied by 40 percent.

Ripple is still the second-biggest cryptocurrency by market capitalization after massive surges - including a 1,300-percent increase over the last month - led it to surpass ethereum a week ago.

Despite the growth of other cryptocurrencies, bitcoin still sits at the top in terms of market capitalization at $251 billion, with its price at more than $15,000. Bitcoin has seen a 25-percent fall from its record of more than $20,000 in mid-December.

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Earlier this week, ethereum founder Vitalik Buterin announced the launch of two subsidies to support research into the scalability and development of the cryptocurrency.