Ethereum hit another all-time high Wednesday with the cryptocurrency now up more than 60 percent in a week.
The digital currency hit a record high of $1,417.38 before paring some of those gains, according to CoinDesk, a website that tracks the prices of the digital currency. Ethereum is up over 13,000 percent in the last year.
Ethereum is the world's second-largest cryptocurrency by market capitalization behind bitcoin, with a value of $131.5 billion, CoinDesk data shows.
The digital coin is backed by a blockchain, much like bitcoin, but the technology is slightly different and aimed at a specific use case: smart contracts. Many see it as a cryptocurrency with a real world use because of large companies that are experimenting with the technology.