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Ethereum is on the rise since 2018

Over 40 percent of purchases of Ethereum had been made using bitcoin.

As Bitcoin suffers a torrid start to the new year, Ethereum the second largest crytpocurrency on the market has surged.

The second-largest cryptocurrency, Ethereum, has grown 84 percent since the New Year and was trading near its record high of $1,390.

There also appears to be a sense of investors looking at alternative digital coins to make a profit. Some of that money may have been funnelled into Ethereum. This is escpecially true when you consider over 40 percent of purchases of Ethereum had been made using bitcoin.

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The digital coin is backed by a blockchain, much like bitcoin, but the technology is slightly different and aimed at a specific use case: smart contracts. Many see it as a cryptocurrency with a real world use because of large companies that are experimenting with the technology.

A consortium called the Enterprise Ethereum Alliance, which includes companies like Microsoft and JP Morgan, is looking to develop applications using the Ethereum blockchain.

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