Ethereum’s cryptocurrency, Ether, is once again the hottest asset in the crypto trading markets. The price of Ether jumped about 15% in the last 24 hours to over 0.002625 BTC, strengthening its position as the fourth biggest cryptocurrency by market capitalization.
Sometimes called Bitcoin 2.0 or Bitcoin 3.0, Ethereum proponents see it as much more than just a cryptocurrency system as per the original idea of Satoshi Nakamoto. It is instead referred to as a “planetary scale computer” that can handle everything from secure communication and e-commerce, to digital governance, the internet of things and much more.
The move made waves in crypto circles:
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Don’t look now, but your precious Ethereum Skynet just rocketed up 14% ?
— D.G. Seaman (@d_seaman) ינואר 12, 2016
Back in August 2015, soon after the official launch of its protocol, Ether’s market cap reached $39 million as it traded at around 0.0025 BTC. Today it stands at just above $90 million, not that far from Litecoin at $155 million – the third biggest crypto by market capitalization behind Bitcoin and Ripple .
Ether could have become more attractive in the eyes of investors thanks to the continued focus of Microsoft on its Ethereum-powered blockchain tool on its Azure platform. The tool allows banks, insurance companies and other institutions to easily experiment with smart contracts, without them having to build the infrastructure from scratch or requiring an in-depth knowledge of cryptocurrency.