Ethereum Price Crosses $1,000 For The First Time To Create New Record

Just recently, Ripple, riding on a bullish growth rate, managed to topple Ethereum and become the second largest cryptocurrency regarding market capitalization. But, that doesn’t mean Ethereum is slowing down in any manner. For the first time, ethers (Ethereum tokens) have reached $1,000.

Talking about the market cap, Ethereum’s volume is about $100 billion; Bitcoin’s cap is $260 billion, and Ripple’s cap is $124 billion. The difference between Ripple and Ethereum has become quite considerable, and it would be interesting to see how things turn out in the near future.

It’s hard to point out the reason behind this recent rise in Ethereum price. However, as per experts (Via Fortune), this could be due to the push which was given by banking giants who have announced plans to test Ethereum blockchain.

The banking group–including UBS, Credit Suisse, and Barclays–will be able to “anonymously submit information to the private blockchain, and cross-check for any irregularities.” This seems like a more useful application of Ethereum and also shows its flexibility.

Here, I’d also like to mention Ripple CEO Brad Garlinghouse’s remarks, who thinks that there is a space for all three major cryptocurrencies. He says that Ripple aims to solve payment problems, Ethereum is for smart contracts, and Bitcoin has become a store of value.

What do you think? Do you agree with Garlinghouse’s opinion? Share your views with us.

Also Read: Chrome Extension With 100,000 Users Caught Cryptojacking Using Your CPU Power