The cryptocurrency market continues to soar as the price of Ethereum set a new record on Thursday, Aug. 10 to stabilize at $300. Ethereum is projected to replace Bitcoin as the most valuable cryptocurrency, especially after BitCoin experienced a sharp decline this week.

Ethereum price started to climb on Wednesday as it reached $314.75, according to CNBC. This is recorded as its highest price in August. Subsequently, the price stabilized on Thursday to $301, as monitored by the platform monitoring CryptoCompare.

The second-most popular cryptocurrency is expected to take over Bitcoin as the most valuable cryptocurrency. There are some indications that Ethereum will become more powerful than Bitcoin. One of the indications is the steady hike in its price during the last two weeks, while Bitcoin suffered a wild fluctuation before bounced back on Thursday to $3,433.

Another indication is the number of big corporations that support Ethereum. In February this year, Ethereum supporters formed an initiative called Enterprise Ethereum Alliance (EEA). This initiative was established to develop the enterprise-grade and open-source distributed ledger framework for Ethereum. As for now, there are over 150 organizations that joined EEA, including big corporations from technology and financial industries, such as JP Morgan, MasterCard, Microsoft, Accenture, Cisco, and CME.

Establishing EEA to create an open industry standard is one of the key success factors of Ethereum. As EEA was founded in the spirit of creating an open standard for distributed ledgers, the EEA and its members are able to address critical and important features in the distributed ledgers. This kind of industry standard is not available in Bitcoin.

Bitcoin conference in New York
People attend the Bitcoin conference in New York City, April 2014. [Image by: Andrew Burton/Getty Images]

Since its inception in 2014, Ethereum has regained interest from technology and financial industries in the field of cryptocurrency. Its creator, Vitalik Buterin was a co-founder of the Bitcoin Magazine who decided to create his own cryptocurrency system using the same blockchain technology as Bitcoin. He began to formulate the system and technology for Ethereum in 2013 before launching the cryptocurrency through a Swiss-based company, Ethereum Switzerland with three other co-founders a year later.

Ethereum founder Vitalik Buterin
Founder of Ethereum Vitalik Buterin in the TechCrunch Disrupt Conference in London, England on December 8, 2015. [Image by: John Phillips/Getty Images]

As a software developer, Buterin aimed to develop a system with the focus on higher efficiency of blocks transaction rather than storing them like Bitcoin. Within three years, Ethereum has gained much attention from financial and technology industries with its difference in blockchain technology that allows faster trading than Bitcoin blockchain technology.

Regardless of its rapid rise, many skeptics have doubted that Ethereum, Bitcoin and other cryptocurrencies are able to become trusted and solid currency. Furthermore, the market capitalization for Ethereum has reached $28.8 billion and $57 billion for Bitcoin. It will be a global financial disaster when either one of these cryptocurrency systems collapses. Watch the differences between these two cryptocurrency systems below:

[Featured Image by monsitj/iStock]

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