- The cryptocurrency hit an all-time high of $425.55 Thursday.
- Its price has risen by more than 5,000 percent since the start of the year.
Bitcoin's rival ether just hit a fresh record high Bitcoin's rival ether just hit a fresh record high.
Ether, the digital currency of the ethereum blockchain, made significant gains on the day of the Thanksgiving holiday.
The cryptocurrency hit an all-time high of $425.55 Thursday, according to data from industry website Coinmarketcap.
This broke a previous record high of $414.76, which the digital currency's price reached in June.
Ether has risen by more than 5,000 percent since the start of the year. It is the second-largest cryptocurrency, with a market capitalization of more than $40 billion.
The rally followed a prediction from billionaire investor Mike Novogratz that ether would hit $500 by the end of the year, while bitcoin reaches $10,000. Novogratz said that investors are pouring into cryptocurrencies like bitcoin and ether because of the lack of trust in financial institutions following the 2008 crash.
Meanwhile bitcoin cash, a virtual currency that resulted from a split in the original blockchain earlier this year, was also rallying. It soared as much as 19 percent Friday, edging as high as $1,789.05. The bitcoin spinoff briefly dethroned ether as the second-largest digital currency earlier this month.
Ether continued this rally into Friday trading, and reached a renewed record high of $450.23.