Ether Hits New Record Price High Over$1200 Following Month of Strong Growth.

It may not have had the most growth in 2017, but Ethereum has regained its place behind Bitcoin as the second-biggest cryptocurrency by market capitalization.

Not to be outdone by Bitcoin’s 1,000 percent rise in value in 2017, Ethereum also moved from $10 per Ether to $1,000 in the space of 12 months.

The two cryptocurrencies enjoyed similar success, but their underlying Blockchain technology is contrastingly different.

The price of ethereum hit an all-time high of $1,417.38 on Wednesday, according to coinDesk.

According to news published by CNBC

The digital coin is backed by a blockchain, much like bitcoin, but the technology is slightly different and aimed at a specific use case: smart contracts. Many see it as a cryptocurrency with a real world use because of large companies that are experimenting with the technology.

A consortium called the Enterprise Ethereum Alliance, which includes companies like Microsoft and JP Morgan, is looking to develop applications using the Ethereum blockchain.

Since January 4, the market valuation of Ripple decreased from $148 billion to $73 billion, falling by nearly 2-fold in a single week. On the contrary, the market valuation of Ethereum surged from $85 billion to $135 billion, recording yet another 15 percent increase in value today, on January 10.

The ethereum remains as one of the few blockchain networks that has a justifiable market valuation. Decentralized applications building on top of Ethereum such as CryptoKitties, 0x, EtherDelta, Status, and OmiseGo have obtained a large user base of actual users that process hundreds of thousands of transactions on a daily basis.

In the short-term, it is likely that the upward price trend of Ether will continue, as decentralized applications on the network perform well...

Comments

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