Ethereum Solidifies Its Position, Trades At $1.13

Ether, Ethereum’s cryptocurrency, seems to be going strong. The price of Ether touched a high of $1.25 (0.002803 BTC) on Tuesday and currently trades at $1.13 (0.002618 BTC), at the time of writing.

Speaking of market capitalization, Ethereum currently stands at the fourth position. Bitcoin, as always, leads the list, followed by Ripple and Litecoin.

The official website describes Ethereum as a decentralized platform that runs smart contracts. It raised 31,529 BTC or nearly $18.4 million in its own crowdsale, in exchange for ether.

“Ethereum platform grew out of the realization that blockchains can go far beyond currency, together with a frustration with the limitations of previous projects. The core idea was simple: a blockchain with a built-in Turing-complete programming language, allowing users to build any kind of applications on top”, writes Vitalik Buterin, founder of Ethereum.

Ether is the internal 'fuel' – the currency unit – of Ethereum, used to pay for computational services on the network. Finance Magnates pointed out that Ether could gain more investor interest with continued focus of Microsoft on its Ethereum-powered blockchain tool on its Azure platform.

“Ethereum is solving some of the issues of bitcoin, while bringing new features and applications… Ethereum was set to be linked to the bitcoin blockchain originally, or we could even imagine that bitcoin core will evolve in an Ethereum or blockstream direction”, Gatecoin CEO Aurélien Menant told EconoTimes.