Bitcoin is considered the gold standard of the cryptocurrency market – but ethereum’s rise since 2017 has seen its value rise quickly.
Anthony Cuthbertson Monday 30 April 2018.
The booming price of bitcoin over the last year has created a buzz around cryptocurrency that goes far beyond technology enthusiasts and free market libertarians.
It has also helped draw attention to a number of other virtual currencies looming in its shadow, most notably ethereum.
Ethereum was created in 2013 by a 19-year-old Russian programmer and launched in 2015. For the first two years its price remained below $10. Then, in 2017, it exploded. In the space of 12 months, one unit of the cyptocurrency – called an ether – surged in value to be worth around $1,400 at its peak in January 2018.
While its price has since fallen back down to around $700, many still see it as the most promising of all cryptocurrency platforms, and therefore the one that holds the most potential for future price gains. Some even believe it could one day surpass bitcoin.
“Ethereum has the possibility to overtake the market capitalisation, and thus value, of bitcoin,” Hubert Olszewski, director of business development at Blockchain Board of Derivatives, tells The Independent. “This is because from the get-go it was a more versatile tool.”
Cryptocurrency markets began to recover this month following a massive crash during the first quarter of 2018, seeing more than $550 billion wiped from the total market capitalisation. (Getty Images)
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