Ethereum vaunted past record highs this morning as bitcoin's price continued its mostly sideways movement. At 14:18 UTC, bitcoin was trading at $8,200.91, up 2.48% in the last 24 hours. Ethereum, on the other hand, blew past its June record high of $414.76 this morning. As of this writing, the cryptocurrency is trading at $443.82, an increase of 10.61% within a day.

Bitcoin Cash, another cryptocurrency which has been on an upward trajectory, also rose. It reached a record high of $1,789.05 this morning before veering back to $1,668.58, a 11.20% jump within the last 24 hours. Increased trading volumes and valuations pushed the overall market capitalization of cryptocurrencies to $260.2 billion from $253 billion yesterday.

Ethereum, which was created after a hacker stole $55 million, suffered another mishap recently, when a developer accidentally "froze" ether worth nearly $150 million from an online wallet. (See also: $150 Million+ Accidentally Frozen, May Need Hard Fork.) 

The incident has renewed calls for a fork to deploy a fix in the cryptocurrency’s code. Investors, however, have overlooked the hack and sent the digital currency’s price soaring this year. It is up by more than 5,000 percent since the start of 2017. (See also: Ethereum Price Surges Following Bitcoin Gains.) 

Ethereum is mainly popular with developers for smart contracts on its blockchain. These are digital contracts that are expected to redefine relationships between parties in various industries. This morning’s record high for the cryptocurrency was reached on the back of high trading volumes in South Korea, the cryptocurrency’s second-largest market. The Asian country hosted the world’s largest Ethereum meetup earlier this year.    

Is VIX a Better Asset Class Compared to Bitcoin?

Although it has trended higher, bitcoin has registered fairly modest gains in recent days. That might tamp down its overall volatility numbers for this year. Russell Rhoads, director at CBOE Global Markets, compared the cryptocurrency’s volatility with that of VIX, the volatility index at CBOE, for a 30-day trading period to determine correlations between the two asset classes.

According to his numbers, the 30-day volatility for VIX is 85% as compared to 76% for bitcoin. “As much press as the big moves in bitcoin has gotten combined with the focus of VIX being so low in 2017 would make one think the numbers aren’t accurate (they are, I double-checked),” Rhoads wrote.

But bitcoin may spring a surprise yet. Analysts and experts are forecasting higher prices for the cryptocurrency. According to Liza Aizupete, co-founder and managing director at Globitex - a Europe-based bitcoin exchange - the cryptocurrency will have “much more volatility led by price appreciation in the future.”

“In terms of global M2 (a measure for value of money), bitcoin’s market cap is smaller than a fraction of a percent,” Aizupete said. “Therefore, bitcoin has enormous potential for price appreciation.”

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