Here is why Ethereum Price Hit New Record High

It seems like cryptocurrency market enjoys the best time ever – all of the top digital currencies surged in the course of the last 24 hours. Having talked about the key reasons behind Ripple price surge already here is why Ethereum Price Hit New Record High.

13 December, AtoZForex The second biggest cryptocurrency in the world in terms of market cap, Ethereum, has hit another record high. This time, the cult cryptocurrency has surged past $600 mark, only to trade now at around $680.

Here is why Ethereum Price Hit New Record High

For the first time ever, digital currency Ethereum has topped $600 mark. The surge in Ethereum price comes after yesterday UBS Launched Ethereum based MiFID II Compliance Platform.

Ahead of the MiFID II deadline, some of the biggest banks in the world have launched a pilot to ease the compliance process with the help of Ethereum. The new project got a name – the Massive Autonomous Distributed Reconciliation platform, or Madrec. It is led by the Swiss banking giant UBS. Other companies that are taking part in the organization of Madrec are Barclays, Credit Suisse, KBC, SIX and Thomson Reuters.

The key purpose behind the project is to simplify the process of compliance for banks that need to reconcile a wide range of information about their counterparties. The platform Madrec is a smart contract-driven network that is designed to integrate with identifiers that are endorsed by the Legal Entity Identifier Regulatory Oversight Committee (LEI ROC) and others.

Cryptocurrency Market Uptrend

Following the news about Madrec, Ethereum price has been on a rally. Indeed, Ethereum price surge comes amongst a good day for the crypto market as a whole. Just today we reported that Ripple prices have spiked 80% thanks to the CBOE Bitcoin Futures launch. At the moment of publishing, the price of Ethereum stood at $681.61. 

why Ethereum Price Hit New Record High

The current total market cap exceeds $492 bln. All of the top cryptocurrencies have been seeing gains today, while many of them have advanced be double-digit percentages.

In addition, Bitcoin still steadily (sometimes with minor corrections) continues to rise in value. As the pioneer cryptocurrency grows, so do the altcoins by joining the upward trend. The overall market efforts might even soon result in cryptocurrency market capitalization hitting half a trillion dollar mark.

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