Ethereum tokens (ethers) have touched $1,000 on various significant exchanges for the first time. Interestingly, this is an all-time high and the result of a multiple-day rally. The total market capitalization of ethers currently available is now $100 billion.
A bit about Ether: Ethereum is an open-source, public; blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine; the Ethereum Virtual Machine (EVM); which can execute scripts using an international network of public nodes. Ethereum also gives a cryptocurrency token called “ether”; which can be transferred between accounts and also used to compensate participant nodes for computations performed. “Gas”, an internal transaction pricing mechanism; is employed to mitigate spam and also designate resources on the network.
Vitalik Buterin introdued Ethereum in 2013; a cryptocurrency researcher, and programmer. Evolution was funded by an online crowdsale; that took place between July and August 2014. The system went live on 30 July 2015; with 11.9 million coins “premined” for the crowdsale. Subsequently, this accounts for about 13 percent of the total circulating supply.
Moreover, in 2016 a decentralized autonomous organization called The DAO; a set of smart contracts developed on the platform; raised a record US$150 million in a crowdsale to fund the project. The DAO was exploited in June when anonymous entity claimed US$50 million in ether. The event sparked a discussion in the crypto-community about whether Ethereum should make a contentious “hard fork” to reappropriate the affected funds. As a result of the dispute; the network broke in two. Ethereum (the subject of this article) continued on the forked blockchain; while Ethereum Classic remained on the original blockchain. The hard fork built a rivalry between the two networks.
Ethereum Breaks New Record by Reaching $1,000
And yet, ethers only denote around 13 percent of all cryptocurrencies out there. 2017 may have been a massive year for cryptocurrencies across the board; but one of the most remarkable stories is that there are now many various tokens worth tens of billions of dollars when it comes to market capitalization.
One ether was worth between $700 and $800 for most of the second half of December. But over the past seven days; ethers have been trading up 40 percent.
Despite this incredible performance, Ripple is still the second biggest cryptocurrency by market capitalization. Somehow, Ripple has been up over 1,300 percent over the last 30 days. Ethereum has been lagging behind Ripple because of this rally.
Bitcoin is becoming less and less dominant. It now represents 32.5 percent of the value of all cryptocurrencies in circulation.