Ethereum Surpasses $1 Billion Market Cap
On Friday, March 11 smart contracting platform Ethereum surpassed a total market capitalization of over $1 billion USD. The recent milestone comes on the heels of a price rally which has seen the value of Ethereum rise from $0.92 at the start of 2016 to a current spot price of over $13.
Ethereum has seen an expansion in the number of cryptocurrency exchange services providing a market for their associated cryptocurrency Ether. Bitfinex has announced they would begin providing exchange bridges for both USD & bitcoin beginning March 14th.
The Chinese cryptocurrency exchange CHBTC has also announced it will begin offering exchange services for Ethereum.
Ethereum, which is being described as everything from a smart contracting platform to “Web 3.0”, is also in the midst of rolling out a new client implementation dubbed “Homestead“. This new release promises to make it easier for intermediate developers to interact with the Ethereum platform and develop their own decentralized applications.
The Ether cryptocurrency is used as a fuel to power CPU cycles on the Ethereum network. Miners compete for network rewards and are compensated directly in Ether in return. This incentive mechanism provides the network with the necessary hashpower security to continue operating.
The Ethereum market capitalization has now exceeded the total of all other alternative cryptocurrencies combined.
The chief scientist behind development, Vitalik Buterin, has stated that the appreciation in Ethereum market cap “allows the project to gain self-sufficiency”. The development team claims a budget of around $20M – 50M USD is necessary to realize their current standards for software quality. The team has also said that they are in the process of cashing out ~$2M as an insurance policy against further funding becoming unavailable.
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