Cryptocurrency ethereum is flourishing but risks linger

Cryptocurrency ethereum is flourishing but risks linger

Ethereum's market cap on Friday was $410 billion, second to bitcoin's at more than $1 trillion, according to data tracker CoinGecko.com. It hit a record high of $3,610.04 on Thursday and was last up 1% at $3,524.

Bitcoin, meanwhile, has risen a more modest 97% this year. Since hitting an all-time high of just under $65,000 in mid-April, bitcoin has actually fallen roughly 18%.

A rise in institutional interest has increased ethereum demand, but supply has been limited. The token's supply in exchanges in April hit its lowest in nearly 2-1/2 years, according to Kraken Intelligence, a research blog from cryptocurrency exchange Kraken.