Ethereum set another historic record today, as the virtual currency has grown by over 60% in a week. The cryptocurrency leaped to $1,417.38, though it dropped afterwards, as CoinDesk, a website monitoring the rates of the virtual currency, reported. Ethereum gained more than 13,000% through 2017.
It is the number two cryptocurrency in the world by total market value equaling $131.5 billion, according to CoinDesk.
The virtual currency is based on blockchain, just as bitcoin, though the technology a bit varies and is designed for special usage called smart contracts. Lots of people believe it’s a cryptocurrency that could indeed be used in the real world as big corporations are engaged in experiments with this technology.
In 2017 more than $3.7 billion were raised by means of ICOs, a process allowing a company to attract funds by selling new digital tokens. And though investors receive no stake in the firm, they can trade their tokens or get some products or services the company offers for them. A big number of ICOs are using the ethereum protocol, which has enabled the virtual currency to reach new heights.