Ethereum is surging again to new record heights
Jan 11, 2018 Posted / 9229 Views
Ethereum reached another all-time high on Wednesday with the cryptocurrency current surge recorded more than 60 percent in a week. The digital currency hit a record high of $1,417.38 before combining some of those gains (according to the ethereum price Index by various crypto-news websites). Ethereum is up over 13,000 percent in the last year.
Ethereum is the world's second-largest cryptocurrency in terms of market capitalization and is just behind bitcoin, with a value of $131.5 billion. The digital coin is supported by a blockchain, much like bitcoin, but the technology is somewhat different and pointed at a particular use case: smart contracts. Many find it as a cryptocurrency with a real-world use because many massive corporations that are experimenting with the technology.
A consortium called the Enterprise Ethereum Alliance, which combines with companies like Microsoft and JP Morgan, is seeing to develop applications employing the Ethereum blockchain. There also seems to be an insight of investors finding alternative digital coins to gain better and high. Ripple lately surged to a record high before plunging down. Some of that money may have been transferred into ethereum. As of Wednesday, over 43 percent of investments of ethereum had been executed using bitcoin, (according to the reports of popular media outlets).
The past year also witnessed just the usurper of ICOs with over $3.7 billion raised via initial coin offerings- a process where a company can accumulate finances by issuing a new digital token. Contributors do not receive a stake in the company, but these tokens can be traded or may be utilized on a service that the issuing firm endeavours. Many of these ICOs are designed on the ethereum protocol, which has facilitated the cryptocurrency gain adhesion.
According to the Cryptocurrency specialists, Ether's price rally is a testimonial to the burgeoning popularity of ethereum as a platform for decentralized applications. Over the last year and a half, the company has testified the preponderance of tokens issued during ICOs and traded on exchanges, have been coded to operate on the ethereum network.
Some of the developers behind ethereum have also been speaking publicly about the cryptocurrency. Steven Nerayoff, one of its co-creators and the specialist in the project remarks that the increasing number of projects developed on the Ethereum blockchain could trigger a so-called "flippening" in 2018. This could possibly lead the digital coin to overtake bitcoin, however, it is still unknown if the speculations will go right or not. Flippening refers to investors embedding money into alternative cryptocurrencies.
Nerayoff told the media on Monday that the value of ethereum could "easily" double or triple by the end of the year. But everywhere there has been an alarm sounded about the cryptocurrency market. Another Ethereum co-founder Charles Hoskinson told CNBC on Tuesday that the cryptocurrency market will notice a "crash" and then consolidation. Noted Wall Street bear Davis Stockman, Ronald Reagan's former director of the Office of Management, also told some media sources that the cryptocurrency inflation will desist miserably.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
Hottest Blockchain Newsletter
For updates and exclusive offers, enter your e-mail below.