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The cryptocurrency Ethereum soared this week to a new record value, a touch over $3,500. When looking at the currency's, it is clear that 'soar' is the correct verb to describe this rapid rise.

As with many cryptocurrencies this year, the growth spurt really got going in the early stages of 2021. Since the start of the year, Ethereum's price has increased by over 300 percent. Having hovered around the $200-400 mark for much of 2020, the currency has remained above $3,000 since May 3.