Ethereum (CRYPTO: ETH), the second-largest cryptocurrency, has more uses than Bitcoin because of its smart-contract capabilities. But its success so far has also made it popular as a way to hedge against inflation, so they have that in common. Let's see which of these top cryptocurrencies is more up to that task.

Bitcoin hit a fresh record high close to $124,500 early on Thursday as the institutional adoption of crypto and U.S. government support for the sector continued to buoy demand. Bitcoin fell back a bit later in the day but remains up 112% over the past 12 months,

Bitcoin hit a new high of more than $124,000 overnight but the largest cryptocurrency and Ether are retreating from recent highs.