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Ethereum, also known as ETH, has soared from $392 on April 1 to stand now at $691 today – a 76 percent increase.

ETH’s return to a near $700 price is a massive vote of confidence after it plummeted from a $1,330 high in December – fuelled by over-inflated hype around the cryptocurrency market.

The technology was in danger of losing its gloss as challengers stepped on its identity, and Ethereum believers dropped away in droves.

Maxwell Arnold co-author of the Laser whitepaper on Blockchain told Express.co.uk ETH will likely end 2018 at the $800 or $900 mark. He said: “It has proven to be a remarkably robust cryptocurrency as it doesn't experience the latency issues that bitcoin has, and its smart contract capabilities give it inherent functional advantages over fiat currencies, as well as other cryptocurrencies.”

Having passed the ‘bubble phase’, Mr Arnold said “we're not going to see the exponential gains that we saw before”, but he champions ETH’s “clear advantages over other cryptocurrencies, and the eventual implementation of the Casper protocol” as a reason for ETH’s “gradual rise in value” over the coming months.

Mr Arnold said more platforms will start using ETH as it is easy to use and trustworthy.