Economy

Ethereum price tops $1000, market cap tops $100 billion

Ethereum price tops $1000, market cap tops $100 billion

It is now the seventh largest currency with a market cap of $9.97 billion.

But the company tweet, and comments to CoinDesk from Asheesh Birla, vice president of product at Ripple, earlier this week, suggest that more will be added this year.

So far, Bitcoin stays as the largest crypto-currency.

In a 2015 report, cryptocurrency researcher Tim Swanson argued banks would embrace "permissioned" ledgers like ripple - which use legal entities to validate transactions on the network - as opposed to bitcoin's "unpermissioned" ledger which relies on anonymous miners. At the record high prices on Friday, which is giving Ripple nearly a worth of $136 billion of the digital currency.

Ethereum price tops $1000, market cap tops $100 billion
Ethereum price tops $1000, market cap tops $100 billion

He was briefly tied with Facebook CEO Mark Zuckerberg in the fifth place on the list of the world's richest. That's impressive, yet XRP still ranks sixth on the list of top gainers so far this year, among those ranked in the top 25 by total value, as of 18:00 UTC.

Ripple is a San Francisco company that operates a blockchain-based payments network, which it claims is used by more than 100 financial customers, including American Express and Santander.

In the cryptocurrency universe, if you mined or even bought some Bitcoin around seven to eight years ago, you would be sitting on a gold mine right now.

Ethereum will also continue to work with a number of high-profile financial institutions, such as Credit Suisse (OTC:CSGKF), UBS (NYSE:UBS), and Barclays (NYSE:BCS). It's certainly not far off. Ripple's market cap is now sitting at $132.8 billion, putting Ethereum far closer to overtaking Ripple than Ripple is to Bitcoin (Bitcoin's market cap, although maintaining the lowest market dominance it's ever had at 33%, is still a whopping $258.2 billion). The currency also supports faster cross-border payments.

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The start-up owns 61 percent of the 100 billion XRP in existence. Ripple is similar to bitcoin in that both are decentralised ledger systems created to facilitate transactions across the internet. This has prompted some players in the crypto space to name XRP the "banksters' coin".

With its most recent surge and rampant growth during the past month, Ripple has managed to catapult its founding members to amongst the richest person in the world.

As of 5.00 am ET on January 5, Ripple was trading at USD3.34 and Bitcoin at USD16,371.80, according to Coinmarketcap.

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