The Ethereum price broke $400 for only the second time in its history on Thursday, setting a new all time high early on Thanksgiving morning in the U.S. A rival cryptocurrency to Bitcoin, Ethereum rose as high as about $425 Thursday, a gain of more than 16% in a 24-hour period. Until then, the Ethereum price had for months hovered below its previous peak in June, when it had briefly surpassed $400 for the first time.
The surge came as the billionaire cryptocurrency investor Mike Novogratz, a former hedge fund manager on Wall Street, reversed his bearish prediction on Ethereum. In June, shortly after Ethereum first hit $400, Novogratz had sold much of the cryptocurrency he owned, saying “I think we may have put the highs in for the year in Ethereum, and you’re going to slowly consolidate.”
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