Earlier today, Ethereum broke through the critical milestone of $1000, setting yet another all-time high. It was just five short weeks ago that Ethereum enthusiasts celebrated the milestone all-time high of $500. The rate at which the crypto market is growing continues to astound.
Ethereum has benefited from significant progress made with the sharding protocol, Casper, which aims to move Ethereum from a proof of work consensus system to proof of stake. Vitalik Buterin, the co-founder of Ethereum recently tweeted a screenshot of his Casper testnet setup:
And here's my validator, earning equivalent of ~8% interest per day. Conditions not indicative of likely parameters for livenet! pic.twitter.com/HhrQkr4s3u
— Vitalik Buterin (@VitalikButerin) December 31, 2017
The move to a new all-time high comes as the entire cryptocurrency market cap is seeing a shift away from Bitcoin and into Ethereum, XRP and so-called altcoins. In the last year, Bitcoin dominance has dropped from 94.29% to 33.2%, which can be seen clearly in the total market capitalization chart:
With the recent announcement from the Ethereum Foundation of millions in grants for scaling research, along with the progress of existing scaling solutions, Ethereum looks set for an exciting 2018.