After ripple briefly quickly rose to take the second position in market cap, temporarily lowering eth to the third place, ethereum has now re-gained its position as the second most prominent digital currency after only bitcoin.
Ethereum has nearly doubled in value in just around three days, rising from $80 to now trade at above $140, as the platform continues to attract new projects and investor’s attention.
It’s market cap is now above $13 billion with its transaction volumes around 50% of bitcoin’s while the network transferred some $2 billion worth of eth in just one day, twice the amount bitcoin ever has.
The platform is finding uses in real life day to day services, such as electric car charging stations, as well as beginning to attract merchants which may now be offering eth payments as an alternative to bitcoin due to the latter’s congested network and high fees.
Ethereum is also attracting artists, from music, to movies, to e-sport. Music, in particular, tends to be highly centralized and monopolized, but some eth projects promise to return some power to singers and bands.
In comparison to other blockchain based currencies, eth’s uses are far wider due to smart contacts which can allow for project funding through token sale ICOs, creating a unique ecosystem that revolves around ethereum.
Due to its breadth of applications, it has begun attracting much attention, with some predicting it will overtake bitcoin in market cap. It has already done so in regards to blockchain security as eth is now the most valuable chain to mine. It may have done so in regards to the amount of value the network transfers too as well as in regards to the number of developers it has attracted.
But, the entire space is booming, all digital currencies are up, including bitcoin which has doubled this year, as well as a number of other coins which have seen all-time highs.