Source: fx168 original title: bitcoin soaring: the world’s second largest digital currency also hit a record high institution: there may be a bigger outbreak source: fx168fx168 Financial News Agency (Hong Kong) pushed by the continuous rise of bitcoin, Ethereum (the world’s second largest digital currency) hit a record high on Thursday (February 18). According to coindesk, Ethereum hit $1918.52 in early Asian trading, but then scaled back some of its gains. As of 12:14 p.m. Hong Kong time, the price of Ethereum rose about 8% to US $1883.58. Ethereum’s price is up 160% so far this year, while bitcoin’s price has soared 78% in the same period. But it was bitcoin’s rebound, which topped $52000 for the first time on Wednesday, that helped push up the value of ether. “Compared with bitcoin’s $52000 level, the price of the world’s second-largest digital currency is still very cheap, and may soar next.” Jehan Chu, co-founder of kenetic capital, a cryptocurrency focused venture capital firm, told CNBC. Ethereum is the digital currency supporting Ethereum network. Developers can build applications on the Ethereum network. As a result, Ethereum is a decentralized software platform, which is different from bitcoin. It is designed as a means of storing money or value. But it is similar to bitcoin in that it is supported by so-called blockchain technology. Although Thursday’s price rise was not caused by a single factor, there are some developments behind it. Last year, an upgrade called Ethereum 2.0 was launched for the network. Supporters believe that this will help Ethereum and coin Ethereum become bigger. The upgrade is still in progress. This month, the derivatives exchange, the Chicago Mercantile Exchange (CME), launched Ethereum futures, which may open the door to more institutional investors. “Despite complaints about the cost of Ethereum’s network, it remains the preferred destination for all blockchain applications,” Chu said.