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.
Follow us on LinkedIn