Ethereum hits a new record high by growing constantly and reaching the level of $1,417.38. Ethereum has grown constantly till 13,000 percent from the last year.

As of now, Ethereum is the world’s second-largest cryptocurrency by market capitalization behind bitcoin, through trending at $1300.

The cryptocurrency is supported by a blockchain, like bitcoin, but the technology is slightly different and aimed at a specific use case: smart contracts. Many see it as a cryptocurrency with a real-world use because of large companies that are experimenting with the technology.

A group of companies called the Enterprise Ethereum Alliance, which includes companies like Microsoft and JP Morgan is looking to develop applications using the Ethereum blockchain.

There are also few other investors looking at alternative digital coins for making the profit. Ripple recently grew up and hit the record of becoming the second largest cryptocurrency in the world.

When it comes to Initial Coin Offerings (ICOs), many of them are built on the Ethereum protocol, which has helped it to grow.

Thomas Glucksmann, head of APAC business development for cryptocurrency exchange Gatecoin on CNBC said:

“Ether’s price rally is a testament to the growing popularity of Ethereum as a platform for decentralized applications. Over the last year and a half, we’ve seen that the majority of tokens issued during ICOs and traded on exchanges have been coded to run on the eEthereum network.”

Few of the developers behind Ethereum has also spoken about it publicly. Steven Nerayoff, one of co-founder said that the growing number of projects built on Ethereum Blockchain could trigger “Flippening” in 2018, leading the digital coin to overtake bitcoin. Flippenings means investors investing money into alternative cryptocurrencies.

Nerayoff told CNBC on Monday that the price of Ethereum could “easily” double or triple by the end of the year.