Ethereum, the world’s second-largest cryptocurrency, soars above $4,000 for the first time

Ethereum, the world’s second-largest cryptocurrency, soars above $4,000 for the first time

LONDON — surged past $4,000 Monday to hit a new record high, extending a stunning rally for the world's second-largest cryptocurrency. Ether, the digital token of the Ethereum blockchain, rose nearly 7% over the last 24 hours to $4,141.99 by 3:40 a.m. ET, according to Coin Metrics. It now has a total market value of $476.3 billion, less than half $1.1 trillion. Once in bitcoin's shadow, ether has seen parabolic gains recently as investors look to other cryptocurrencies for returns. Bitcoin fell over 2% in April, while ether rose more than 40%. The entire crypto market is currently worth over $2.5 billion, according to CoinMarketCap, on the back of growing interest in the space. Mainstream investors and some corporate buyers like Tesla earlier this year, viewing the digital coin as a potential inflation hedge as central banks around the globe print money to relieve coronavirus-battered economies. Major Wall Street banks like Goldman Sachs and Morgan Stanley have also sought to provide their wealthy clients with . However, some investors still aren't buying the crypto craze. Michael Hartnett, chief investment strategist at Bank of America Securities, said bitcoin's rally looks like the " ," while Alvine Capital's Stephen Isaacs said there