Advertisement

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.

At 04:24 UTC, the Ethereum price broke through $1000 on Bitfinex. As always, Bitfinex and GDAX are the exchanges to watch for serious price action, accounting for the majority of ETH/USD volume.

Source: tradingview.com
Advertisement

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:

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:

Total Market Cap – 1 Year Chart – Source: coinmarketcap.com

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.

RELATED ARTICLES

MORE FROM OUR PARTNERS

Follow us on Twitter | Telegram | Facebook

Advertisement
Featured Image from Shutterstock.

[blokt] is a leading independent blockchain news outlet that maintains the highest possible professional and ethical journalistic standards. Journalists are required to meet our editorial policies and guidelines.