Another star on the cryptocurrency sky – Ethereum. Still far away behind Bitcoin, but with strong potential to be an important competitor in the future.
Previous week experienced an increase in cryptocurrency Ethereum’s total market capitalization, touching the level of $200 million for the first time, while Monday saw only $100 million crossed, making it one of the biggest gainest over the week.
Price of the cryptocurrency rose by approximately 25% during last day. Volume of trading was able to reach even a fifth of bitcoin’s daily trading volume (Ethereum reached $11.6M, while Bitcoin’s average daily volume is $54.5M)
The Ethereum cryptocurrency is a smart contract or enforced stored procedure model, which can execute general purpose programs on a blockchain. Bitcoin is a transaction constraint model, seen as enabling much greater concurrency and parallelism.
There are loads of arguments on the internet, trying to explain, why is the Ethereum cryptocurrency so popular. One group speaks about rumours of China’s cryptocurrency exchange adding Ethereum to its roster. Another group see the recent integration with the mainstream financial system as a major factor. Truth is, that only on Wednesday, 11 globally operating banks ended an experiment, connecting them on a managed private peer-to-peer distributed ledger, supported by Ethereum technology.
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