Now, Ethereum has done it! The second largest crypto currency by market size, Ethereum (ETH) has crossed $500 milestone for the first time. The data from cross-exchange resource Coinmarketcap shows ETH is currently trading at around $440, after registering a new high to reach $522 before falling.
Ethereum, one of the sensations of 2017’s crypto currency explosion, was trading at just $8 at the start of 2017. ETH handles more transactions than all other major blockchains combined.
Vitalik Buterin, co-founder of Ethereum, had revealed the ecosystem’s roadmap at a Taiwan conference last week. The outlined vision for Ethereum 2.0 hints that major changes in Ethereum’s architecture are likely to be implemented over the next few years. The creators are working to improve Ethereum in terms of privacy, safety (consensus safety and smart contract safety) and scalability. The Casper update is also expected from the developers in the next few days.
The value of Ethereum mirrors Bitcoin, which has gained exponentially over last few weeks and witnessing an increase by $1000 in the past 24 hours alone. Bitcoin has risen by 10-folds so far this year, the largest gain of all asset classes which has prompted pundits to term it as a speculative bubble.
This has been a great year for crypto currency market, which has appreciated by more than 5,000% since the beginning of the year. In the past week alone, the total virtual currency market cap has grown by more than $60 billion — a landmark number the crypto market cap had reached for the first time in May 2017. In just six months, the crypto market cap has seen a fivefold increase which now stands at a new all-time high of $305.1 billion.
Among other alternative coins that have posted new all-time highs in USD are Ethereum Classic, Litecoin, Monero and Dash.