Ether (ETH), based on the Ethereum blockchain and created by Russian-Canadian tech entrepreneur Vitalik Buterin, surpassed $900 CAD today and is still rising.

Tipped to be the digital currency that may well overtake bitcoin, with its more scalable, flexible Ethereum blockchain, Ether’s value rose 5,000 per cent this year.

Ethereum-based blockchains are being developed more widely in finance and technology than bitcoin inspired blockchains. Their popularity primarily due to their ability to carry data and smart contracts securely.

More digital currency transactions are actually processed on Ethereum blockchains than any other.

Ether and mainstream success

Ether is the second-largest digital currency by market value. The rise is suspected to be influenced by the news of UBS, Barclays, Credit Suisse and others launching an Ethereum-based blockchain platform to comply with the European Union’s Markets in Financial Instruments Directive II (MiFID II).

These major financial institutions partnered to create the platform as a response to the MiFID II challenge of more transparency for European trading. The collaboration is further support for the notion of Ethereum as the base for future financial infrastructures.

There is also no doubt that the success of bitcoin helped. The launch of bitcoin futures influenced the rise in value of other digital currencies across the board, including Ethereum.

CME Group and CBOE’s bitcoin based futures products bring digital currencies to Wall Street for the first time, breaking down even more barriers to the general acceptance of digital currencies.

CBOE pulled ahead of CME Group to become the first bitcoin futures trader, launching their offering on December 11th, 2017. CME Group will commence trading bitcoin futures on December 18th, 2017.

CBOE reported an excellent first day of trading with their futures contracts. Values hovered around $18,000 USD (~$21,000 CAD), and bitcoin price rising a further $1,000 within minutes of trading commencement.

Rising tides lift all boats

Ether is not the only digital currency seeing significant gains. Litecoin (LTC) also rose 4,000 per cent this year. Bitcoin, on the other hand, rose 1,800 per cent for bitcoin (BTC) in the same time period. Litecoin tends to follow bitcoin’s lead as it’s similar but is also more scalable than bitcoin.

Currencies like Litecoin and Ethereum are seeing greater investment as bitcoin’s price begins to exclude smaller or less confident buyers. Bitcoin, Litecoin and Ethereum are widely available on the main digital currency trading platforms. All three and more “altcoins” are easily accessible for either the amateur or professional investor.

 

Image credit: Ethereum

 

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