With the rise of the cryptocurrency popularity, different currencies has received spotlight in the market. Just like Ethereum, which seems its success this year is eclipsing Bitcoin, also achieving record highs this year.
Ether has risen an unbelievable 4,500 percent in 2017. Flashing back at the market in the new year, Ether was worth only around 5 percent as much as Bitcoin.
But, according to The New York Times report, says “outstanding units of the Ether currency were worth around $34 billion. . .82 percent as much as all the Bitcoin in existence.”
As of writing, Ether is now backed by not only the usual tekkies, but major corporations such as Accenture, Microsoft, Toyota, Intel, and JPMorgan Chase.
The aforementioned giant companies are becoming part of Ethereum’s planned global computing network (which will require Ether to use) on the ground floor.
Furthermore, Ethereum is gaining traction among cryptocurrency users, with 94 percent feeling positive about the Bitcoin alternative. Only 49 percent report feeling positive about Bitcoin, according to CoinDesk‘s report on a recent survey.
Also, recent trends seem to indicate Ethereum’s value will surpass Bitcoin’s soon — an event cryptocurrency enthusiasts have termed “the flippening.”
According to market specialists and experts, Ethereum and Bitcoin shares many important qualities.
The two popular cryptocurrencies are maintained and hosted by volunteers all over the world, and tracked by a network of computers, rather than a company or government.
Private exchanges establish the prices of both, and people can buy and sell them at market rates or trade them. However, Ethereum was created to do far more than work like digital currency.
The Ethereum computer network can also run computer programs and do computational work; functions otherwise known as decentralized applications, or Dapps.
This has attracted a massive community of programmers who all contribute their labor to improving the software. In turn, companies have started using the Ethereum network as a base for other programs. JPMorgan Chase, for example, is creating a monitoring system for trading. Some corporate Ethereum users are creating their own Ether currency-free versions of the software, although many observers believe that these software programs will eventually be connected to the Ethereum network.
The increasing boom of both Ethereum and Bitcoin showcase not only the massive potential of blockchain technology, but the volatility of the cryptocurrency world.