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.
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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