Ethereum (Ether) tops $600 for the first time - price rise explained

Ether is the second-largest digital currency by market value, according to Coinmarketcap data
The price of the cryptocurrency surpassed $600 for the first time Tuesday
The rise in value occurred following reports that Swiss banking giant UBS would lead an Ethereum-based blockchain platform alongside other firms

Ethereum just topped $500 for the first time Ethereum just topped $500 for the first time
17 Mins Ago | 00:34
Ether, the digital token of the Ethereum blockchain, just reached a major milestone.

The price of the cryptocurrency surpassed $600 for the first time Tuesday, and surged as high as $610.58, according to data by CoinDesk, whose price index tracks prices from cryptoexchanges Bitstamp, Coinbase and Bitfinex. This marked a renewed all-time high for ether.

Ether is the second-largest digital currency by market value, according to Coinmarketcap data, and is commonly used in digital coin sales known as initial coin offerings (ICOs). Its price has risen more than 5,000 percent since the start of the year, according to CoinDesk data.