×

Bitcoin’s main rival ethereum hits a fresh record high

  • The cryptocurrency hit an all-time high of $425.55 Thursday.
  • Its price has risen by more than 5,000 percent since the start of the year.

Ether, the digital currency of the ethereum blockchain, made significant gains on the day of the Thanksgiving holiday.

The cryptocurrency hit an all-time high of $425.55 Thursday, according to data from industry website Coinmarketcap.

This broke a previous record high of $414.76, which the digital currency's price reached in June.

Ether has risen by more than 5,000 percent since the start of the year. It is the second-largest cryptocurrency, with a market capitalization of more than $40 billion.

The rally followed a prediction from billionaire investor Mike Novogratz that ether would hit $500 by the end of the year, while bitcoin reaches $10,000. Novogratz said that investors are pouring into cryptocurrencies like bitcoin and ether because of the lack of trust in financial institutions following the 2008 crash.

Meanwhile bitcoin cash, a virtual currency that resulted from a split in the original blockchain earlier this year, was also rallying. It soared as much as 19 percent Friday, edging as high as $1,789.05. The bitcoin spinoff briefly dethroned ether as the second-largest digital currency earlier this month.

Ether continued this rally into Friday trading, and reached a renewed record high of $450.23 at 10:30 a.m. ET.

WATCH: Six ways to protect your bitcoin and ethereum investments from hackers