Ethereum has crossed $1,000 for the first time in history on Thursday 10:05 a.m. It is now trading at $1,065 according to Coinmarketcap. The cryptocurrency’s market capitalization attained a new high of above $100 billion today.

Scalability and development

The development comes after announcement of two new subsidy programs. However, these programs would reward people supporting scalability and development of the blockchain.

Scalability is considered as the biggest challenge of blockchain today according to Buterin. It is expected that improving scalability will help the network grow.

It also happened barely a week after Ethereum lost its long held second position as largest cryptocurrency by market capitalization. Last week Thursday, XRP rose to all time high and stood on second position. It does not mean Ethereum has been doing badly. In fact, a general month chart flow shows it’s price surged from $471 since December 5 to the current level.

Ethereum, which is a platform for hosting decentralized apps is probably the largest ecosystem in that regard. Hundreds of projects have raised money through the platform and extended its functionality.

2018 is showing green flag

Besides this, ETH is hoping to move to Proof of Stake consensus or mining algorithm from Proof of Work, using the Casper update that entered Testnet on December 31.

As the curtain of 2017 closed off, many cryptocurrencies are showing green light to their value, stellar entered into the hottest cryptocurrency list, XRP becomes the best choice and all time new currency binance comes into picture within a short span.