In the past few months it seems like Ethereum is only going higher and higher every day – and today is no exception. However, what makes today’s jump in the price of Ether different is that it marks significant milestones in a possible road to the top of the cryptocurrency food chain.
Ethereum’s overall market capitalization increased by about 26% in the last twenty-four hours, reaching about $730 million as of the time of writing. Beyond the very impressive growth rate, this figure is important in its own right as it is more than the total market cap of all other altcoins combined. Additionally, at over a tenth of the value of bitcoin itself – a feat no other cryptocurrency has come close to – Ethereum actually looks to be able to soon question the dominance of the world’s first blockchain.
Looking at the actual price of Ether we can see it shoot past benchmark levels such as $9 and 0.02 BTC and the exchange rates now stand at around $9.3 and 0.022 BTC. Supporting the rise are exceptionally large trading volumes also – about $29.3 million in the last twenty-four hours. Unprecedented scale of institutional collaboration
Possibly behind the increased price and volumes is the news that R3 has successfully tested five distinct blockchain technologies in parallel for the first time. Forty banks connected to a managed private distributed ledger technologies built by Chain, Eris Industries, Ethereum, IBM and Intel.
The banks evaluated the technology by running smart contracts programmed to facilitate issuance, secondary trading and redemption of commercial paper (a short-term fixed income security typically issued by corporations to raise funding). Each of the distributed ledgers ran a smart contract based on identical business logic to enable the banks to accurately compare the difference in performance between them.
Vitalik Buterin, Ethereum […]
