Ethereum, the world’s second largest cryptocurrency by market capitalization, hit $1 for the first time on January 19, 2018. The cryptocurrency, which was trading at around $10 in early 2017, surged to a record high of $1,419.
79 on January 13, 2018 before correcting lower.
The rally in Ethereum was driven by a number of factors including the launch of a number of new projects built on the Ethereum blockchain, increasing interest from institutional investors, and a general increase in the price of cryptocurrencies.
While Ethereum has pulled back from its all-time high, it is still up significantly from its early 2017 levels and is currently trading at around $700. Given the current momentum in the cryptocurrency markets, it is possible that Ethereum could once again reach $1 in the near future.