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Ethereum Award Reaches $ 1,000 Historical Cap and $ 100 Billion Market Capitalization

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The Ethereum price hit $ 1,000 Thursday, marking yet another historic milestone for the third largest cryptocurrency.

The price of Ethereum loses $ 1,000

Only four days have been marked on the calendar, but the month of January has already been an important month for the markets altcoin. During this short period, the combined value of the Altcoin market caps has increased by more than $ 140 billion, and altcoins now account for more than two-thirds of the cryptocurrency market capitalization. Earlier this week, the ripple became the first altcoin to reach a market capitalization of $ 100 billion, and Ethereum now seems ready to add its name to this exclusive list.

Like most crypto-currencies, the Ethereum has experienced an extended rally since the beginning of December, while it was priced at $ 428. During the month, the price of Ethereum rose 76% – even though Bitcoin suffered a moderate drop – and it finished the year at $ 752.

Despite its fall, the Ethereum extended its rally until 2018, piercing $ 800 and $ 900 earlier in the week. This afternoon – around 14:00 UTC – the price of the Ethereum has reached a historic milestone, surpassing the $ 1,000 mark for the first time in its history.

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Source: CoinMarketCap

Ethereum now has a market capitalization of $ 98.1 billion, placing it at hand to become the third cryptocurrency to reach a market capitalization of 100 billion dollars.

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Although Etherium has not yet reached $ 1,000 on most Western exchanges, South Korean traders have proposed the price of ether up to $ 1,322. , allowing its global average to expand into four-digit territory. At present, much of the ETH trade is concentrated on Binance, which accounts for more than 20% of ETH's daily volume.

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Source: CoinMarketCap

Bullish traders on the exit of Casper Alpha

Although the march of Etéum exceeded $ 1,000 in the context of a larger rise, at least some of its movement is probably related to the announcement that the algorithm Casper consensus had entered the alpha test, completing the testnet. for the network to move from proof of work (PoW) to proof of participation (PoS).

Although Casper is far from reaching a production level, the fact that he has entered alpha testing is bullish for the price of the Ethereum. The Ethereum designers believe that Casper will bring a host of benefits to the Ethereum network, the least of which is not the ability to dramatically reduce its inflation rate.

This will be possible because PoS requires much less electricity than PoW, which encourages network participants to validate transactions for rewards lower than those currently distributed to minors.

The lower inflation rate will make individual monetary units more valuable and, over time, will potentially allow the network to reach a deflationary state in which fewer coins will come into circulation than those that are lost or lost. destroyed.

Write to Josiah Wilmoth at josiah.wilmoth (at) ccn.com.

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