Ethereum surges to ANOTHER record high: Why this cryptocurrency could BEAT bitcoin
ETHEREUM just surged to an all-time high, while bitcoin briefly recovered from a recent slump - and a battle between the cryptocurrencies looks set to heat up this month.
Third biggest cryptocurrency Ethereum hits record high
Digital currency ethereum, currently third between Ripple and bitcoin, hit an all-time high yesterday of $1,075.39 (£792.51).
Experts believe the secure technology behind ethereum mean that this latest crytocurrency will win more financial support than its rivals.
Bitcoin briefly climbed above $17,000 (£12,528) yesterday but was still trading 13 percent below its record high hit in mid-December.
At the same time, ethereum shot up 9.6 percent in a single day, with more than a 30 percent boom so far in January alone.
Digital currency Ethereum hit a record high of $1,075.39 yesterday
According to CoinMarketCap, ethereum currently has a market capitalization of about $96 billion (£70.7bn)
Unlike bitcoin, ethereum allows developers to build applications on its network.
The majority of initial coin offerings and other trading games are based on ethereum.
Ethereum's particular blockchain technology means that the currency is more naturally resilient to cyberattacks.
Ethereum has a market capitalization of about $96 billion
There's an increasing probability of a viable upgrade getting done
On Tuesday this week, the digital currency's co-founder, Vitalik Buterin, announced the launch of two subsidy programs for improving the ability of the ethereum network to process more transactions.
Mr Buterin confirmed that grant amounts can now go up to $1million (£737,000).
Benjamin Roberts, co-founder and CEO of Citizen Hex, an ethereum-focused start-up, said:" I think there's an increasing probability of a viable upgrade getting done and that's why you're seeing the price increase.
"I think people are just starting to wake up and realize the differences."