Cryptocurrencies first came into existence in 2008, when #Bitcoin was founded. Since then many other cryptocurrencies have come into existence, like Ethereum, Litecoin, and Ripple, just to name a few. #Ethereum was founded on July 30th, 2015. The idea of Ethereum was proposed by #Vitalik Buterin and funded by an online crowdsale.
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Given its funding and backing, there is no shock that Ethereum has been rising. Ethereum is growing in popularity and has a market cap of $32.83 Billion Dollars as of June 16th, 2017, according to EthereumPrice. Several huge bands and tech giants have backed it, like JP Morgan Chase, Microsoft, Intel and Banco Santander.
Big names are still being added to the list as the price grows, even though some big names like Goldman Sachs and Morgan Stanley have decided to part ways. Vladimir Putin is also backing it as he is looking to expand Russia's economy. He is looking for new fields for Russia for a more competitive economic growth and thinks that investing in it will be the right option. This could just be speculation but this news could make the Ethereum price soar.
Putin also met with Ethereum's founder Vitalik Buterin to hold talks about backing the currency as reported by Bloomberg. Russian prime minister, Putin, also stated, "The digital economy isn’t a separate industry, it’s essentially the foundation for creating brand new business models" as reported by Bloomberg. Such huge backing for the Ethereum could strengthen it even more, and soon take it from the second largest to the largest cryptocurrency.
Ethereum has been growing at such a rapid rate that even a day is making a huge difference in its worth. Ethereum's highest price, around 420 dollars, was achieved recently. This is a huge increase given that it was in its mid-forties in the month of March. Ethereum has almost grown by 1000% in less than four months, making it the world's second largest cryptocurrency. In the early stages, Bitcoin did not grow at this rate and did not have a big backing. Bitcoin has been growing at a very rapid rate but the Bitcoin price plummeted as the Bitcoin market crashed. Even the Ethereum market has crashed, but will revive and looks to catch pace again.
Ethereum has a lot of competition as there are new cryptocurrencies being introduced to the market every day. Becoming the leading currency will be a challenge, given it is only 1/7th of Bitcoin currently, but it is definitely within sights.