The price of ether, the cryptocurrency that powers the world's second-largest blockchain platform, ethereum, passed $100 today to reach a new all-time high today.
Up 25% over the last 24 hours, the price of ether has now increased more than 1,000% on the year. (It was trading at roughly $8 on 1st January.) At press time, the cryptocurrency had a market cap of $9bn, according to figures from data source Coinmarketcap, a service that aggregates the price across available exchange APIs.
The development further comes at a time when the network is fast gaining traction among open-source innovators and enterprise firms.
Not only has ethereum emerged as the principal platform for initial coin offerings (a process by which entrepreneurs working on blockchain projects sell a cryptographically scarce resource to raise funding), but major institutions including JP Morgan and Bank of America are developing projects on private versions of its software.
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