LONDON — Ether surged past $4,000 Monday to hit a new record high, extending a stunning rally for the world’s second-largest cryptocurrency.

Ether, the digital token of the Ethereum blockchain, rose nearly 7% over the last 24 hours to $4,141.99 by 3:40 a.m. ET, according to Coin Metrics. It now has a total market value of $476.3 billion, less than half bitcoin’s $1.1 trillion.

Once in bitcoin’s shadow, ether has seen parabolic gains recently as investors look to other cryptocurrencies for returns. Bitcoin fell over 2% in April, while ether rose more than 40%. The entire crypto market is currently worth over $2.5 billion, according to CoinMarketCap, on the back of growing interest in the space.

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