Ethereum, the second-largest digital currency by market capitalization, has surpassed $ 600 today to reach a new historical record. According to CNBC, the sharp rise comes as UBS announced that it would run an Ethereum-based Blockchain initiative with Barclay, Credit Suisse, KBC, the SIX Swiss Exchange and Thomson Reuters. The initiative is designed to help these companies comply with the new European Union trade data standards that will come into effect in 2018.

The increase in the stock market value of Ethereum now exceeds $ 492 billion. The 22 major digital currencies have all seen gains today, most of them by double – digit percentages. Moreover, while Bitcoin continues its gradual progression, altcoins do not give up their earnings. This brings the total market capitalization to near the magic mark of half a trillion dollars

Extraordinary History

Ethereum has been one of the most successful since its creation, overshadowing the huge returns most other digital currencies have posted. Originally, Ethereum was sold in mid-2014 for around $ 0.30 per chip, which corresponds to a return on investment of around 2000x. In other words, $ 1,000 invested in the Ethereum ICO is worth $ 2 million today.

At the time of publication, Ethereum sits at $ 609 according to coinmarketcap.com.