Ethereum hits record high, Bitcoin trades below $17,000
Cryptocurrency ethereum is at an all-time high and might hit the $1,200 mark, according to cryptocurrency tracker CoinMarketCap.
As of writing, ethereum is valued at $1,163.14. Its recent high was on Jan. 5, when it hit past $1,000 for the first time. So far in January, it has increased by 30 percent.
On the other hand, Bitcoin was able to hit past $17,000 on Jan. 5 but continues to trade below the December 2017 record high of $19,783.06. It is currently valued at $15,413.50.
According to British news site Express, experts cite that ethereum’s “secure technology” provides more financial backing.
The technology is more than just a cryptocurrency. The open-source platform allows applications to be built on it, and other digital currencies can be traded on the technology. The technology is also stronger against cyber attacks compared to that of other digital currencies.
Compared to other cryptocurrencies, a foundation manages it. Co-founder Vitalik Buterin announced on Jan. 2 that two subsidy programs were launched to improve the ethereum network in terms of processing more transactions. Niña V. Guno/JB