WASHINGTON (dpa-AFX) - Ethereum, the world's second most popular cryptocurrency, scaled new heights Wednesday.
It surged by more than 20 percent in a day, and at 10.18 ET Wednesday morning it was trading at $729.77.
The highest number of transactions - 872340 - were recorded on Tuesday, which might have encouraged traders to quote higher price, reports say.
Asian investors, especially, the South Koreans, have played a critical role in boosting currency price.
South Korea has emerged as the world's second-largest market for the cryptocurrency.
Meanwhile, Reuters reported that an emergency meeting of the South Korean government on Wednesday has discussed new rules to curtail the widespread speculation on cryptocurrencies.
Launched in 2015, the value of Ether has increased by around 7000 percent since the start of the year, according to The Telegraph.
Its market capitalization has jumped to $60.3 billion from $722 million in January 2017.
Ethereum, unlike Bitcoin, has generally been seen in a more positive way and has become the second largest digital currency in two years.
Copyright RTT News/dpa-AFX