Ethereum reached a record of $700 Wednesday in a less than 24-hour run after breaking another milestone of $600 Tuesday afternoon. The price reached a high of $753 Thursday and $747 Wednesday but is now $738 on CoinMarketCap at the time of this writing. The new price means the turnover now exceeds $5.2 billion and market cap more than $71 billion.
Coinbase’s GDAX exchange accounted for more than 11 percent of the total transactions while Korea-based Bithumb had around 11 percent of the daily transactions. The cryptocurrency has surged for more than 6,800% since the start of the year.
Ether had, before this run, struggled to rise above $500. With support of just 15 transactions per second, its transaction problems are limiting its upward movement according to some analysts. In comparison, Visa processes 45,000 per second.
Related Coverage: Cryptokitties sales hit all-time high record $12million
Recent good reports include Ethereum’s partnership with Swiss financiers UBS, Barclays to advance collection of data and reconciliation. Since it is relating to upcoming MiFID II regulations. These and KBC, SIX and Thomson Reuters, among others, will use Ethereum smart contracts to identify. Besides it also sorts out data-related anomalities.
The partnership is known as Massive Autonomous Distributed Reconciliation program (Madrec).
Using the contracts, banks will reconcile reference data without compromising sensitive information. They can also reduce costs associated with data collection and storage.
The new partnership will come to effect on January 3 and it is hoping to extend blockchain’s benefits past obvious clearing and settlement markets.