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Ethereum hits new all-time, bitcoin inches toward record as cryptocurrencies rally
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cnbc.comIn this article
Cryptocurrencies are starting the week on a positive note.
Ethereum, the world's second-largest digital coin, surged over 4% in 24 hours Monday to hit a new all-time high above $4,700. The token was last trading at a price of $4,740, according to Coin Metrics data.
Bitcoin, meanwhile, climbed 7% to a price of $66,250, inching back toward a record high above $66,900 set in late October.
The reason for the move wasn't clear. Cryptocurrencies are known for their volatile price swings, with moves of up to 20% higher or lower relatively common.
It comes amid growing excitement about DeFi, or decentralized finance, a new trend in the crypto market which seeks to build financial applications like lending and trading on the
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