This Article is From Jan 06, 2018

Ethereum Joins $1,000 Club, Bitcoin Prices Zoom Past $16,500

Despite rally, Ethereum stays behind ripple in terms of market capitalisation with the former's market cap staying below $100 billion against Ripple with $121 Billion

Ethereum Joins $1,000 Club, Bitcoin Prices Zoom Past $16,500

Ethereum, just as ripple, has been rising for past few days

Ethereum hits $1,000 for the first time on Thursday, while investors eye at alternative currencies such as ripple, ethereum and litecoin besides bitcoin. Earlier Ethereum was the second-most valued currency after bitcoin, but now ripple has outpaced it lately. The market capitalization of ripple is $121 billion while ethereum's market cap is little less than $100 billion on Saturday. Bitcoin, the big daddy of cryptocurrency, still rules the world of digital currencies as it is priced at $16,690. For the first time, ethereum hit $1,045 on January 4 but closed at $980, according to The rally continued the next day as well when the digital currency hit a high of $1,075 but closed short of $1,000 on Friday.

On January 6, the cryptocurrency trades a little over $1,000 on Coindesk while Bitcoin hovers above $16,510. Exactly a month ago, ethereum was trading around $420, which is less than half of the current valuation. The rally had suddenly gathered steam on January 2 this year when the digital currency hit a high of $914 before closing for the day at $884. The next day, the currency hit a high of $974. And the next two days, the value price crossed past $1,000. On January 5, the market capitalization $94 billon, while a day before it was $93 Billion. On January 3, it was $85 billion.

After Thursday's price rise, the overall cryptocurrency market cap jumped past $770 billion, according to Coinmarketcap, thus commemorating new highs barely weeks after a correction witnessed the figure drop to $418 billion.