Earlier this morning, the cryptocurrency Ethereum broke new records for itself, surpassing $1,000 for the first time and hitting an all-time high of $1,045.08. Ethereum’s market cap also broke records this morning by surpassing $100 billion.
The surge for the cryptocurrency has slightly worn off by now, with its price currently being listed as $994.49 on CoinMarketCap and, similarly, its market cap is now resting just below $100 billion at $96.2 billion.
As can be seen from the chart, the coin is currently climbing back up, so it may still manage to cross the $1,000 mark once more before the day is out.
What does this climb mean for Ethereum?
Ethereum used to hold the spot as the second largest cryptocurrency in the world, but last week saw Ripple amp up and take over second place, pushing Ethereum into third. Will the coin’s rally be enough to regain its holding as the number two cryptocurrency above Ripple? It’s certainly not far off. Ripple’s market cap is currently sitting at $132.8 billion, putting Ethereum far closer to overtaking Ripple than Ripple is to Bitcoin (Bitcoin’s market cap, although maintaining the lowest market dominance it’s ever had at 33%, is still a whopping $258.2 billion).
And Ethereum is working its butt off to regain its footing. The creator of Ethereum, Vitalik Buterin, announced that there would be two new subsidy programs launching that would be working towards researching how to further scale and develop the distributed ledger that Ethereum runs on, which would vastly open up Ethereum’s capabilities and eliminate the growth problems that have been plaguing the cryptocurrency for the past little while (growth problems that may have contributed to Ripple’s passing of Ethereum).
Ethereum will also continue to work with a number of high-profile financial institutions, such as Credit Suisse (OTC:CSGKF), UBS (NYSE:UBS), and Barclays (NYSE:BCS).
These things combined could help boost Ethereum enough for it to overtake Ripple and once again take the title of king of second place in the crypto market.
Featured Image: depositphotos/Makaule