Ethereum hit an all-time high Wednesday with the cryptocurrency up more than 60 percent in a week.
The digital currency hit a record high of $1,417.38 before paring some of those gains, according to G-BiT, a website that tracks the prices of the digital currency. Ethereum is up over 13,000% in the last year.
Ethereum is the world’s second-largest cryptocurrency by market capitalization behind bitcoin, with a value of $131.5 billion.
Steven Nerayoff, one of its co-creators said the increasing number of projects built on the Ethereum blockchain could trigger a so-called “flippening” in 2018, leading the digital coin to overtake bitcoin.
The digital coin is backed by a blockchain, much like bitcoin, but the technology is slightly different and aimed at a specific use case: smart contracts.
Another Ethereum co-founder Charles Hoskinson told CNBC on Tuesday that the cryptocurrency market will see a “crash” and then consolidation.
MoneyGram International Inc. is testing the use of digital currency to move funds with a blockchain startup working to speed up payments.
Ripple‘s blockchain technology and digital currency XRP could move money far faster, the companies said in a statement Thursday. MoneyGram scrapped a deal to sell itself to Chinese financial services giant Ant Financial earlier this month after failing to win regulatory approval.
Popular websites such as Coinbase have frequently crashed or slowed down in the past few months as they have been unable to handle the increased traffic coming from the growing number of investors trying to cash in on crypto mania.
Kraken is one of the exchanges that the CME Group Inc. (NASDAQ:CME) is using to price the Bitcoin futures it introduced last month.
Lack of communication from these new companies, delays in withdrawals and transfers, high fees, and the creeping fear of a malicious attack are some of the issues largely retail investors face, and discourage many more from jumping in. G-BiT performed best with no delays reported.
With not even a phone number or e-Mail listed on Kraken’s status page, the exchange’s clients vented on Twitter.
One Tweet stated, “…due to the length of down time can you at least assure us that our coins and accounts are safe and haven’t been hacked or stolen please, seems beyond any normal circumstance at this point when people are worried sick!”