Jun 12, 2017

Ethereum skyrockets in virtual currency market

BTC Keychain / Flickr CC

Ethereum, a virtual currency similar to Bitcoin, was trading at a record-high of close to $407.10 at one point early morning, per CNBC. This marks a 5,000% increase in value since the beginning of the year — Ethereum was trading at $7.98 on Jan. 1.

Why it matters: Ethereum has a market valuation of $36 billion, and may soon rival Bitcoin's valuation of $49 billion. Ethereum is gaining legitimacy too. Its founder Vitalik Buterin had a recent meeting with Russian President Vladimir Putin to discuss applications of the technology in Russia, CNBC reports. And the Singaporean government published a report on potentially digitalizing the national currency with Ethereum's technology.

What's next:

Together, Ethereum and Bitcoin represent a surging virtual currency market that continues to break records. Pavel Matveev, co-founder of Wirex, an app that uses virtual currency technology, told CNBC he thinks Ethereum's price could jump to $600 by the end of the year.

Go deeper

Sanders to Putin: You won't interfere in any more elections if I'm president

Photo: Scott Olson/Getty Images.

Sen. Bernie Sanders sent a message to Russian President Vladimir Putin on the debate stage Tuesday, stating, "If I'm president of the United States, trust me, you're not going to interfere in any more American elections."

The big picture: It was unveiled last week that Russia has been interfering to boost Sanders' campaigns in an apparent attempt to strengthen President Trump's bid for reelection. Former New York Mayor Michael Bloomberg said that "Vladimir Putin thinks that Donald Trump should be president of the United States, and that's why Russia is helping [Sanders] get elected.

Debate night: Candidates' last face-off before Super Tuesday

Sanders, Biden, Klobuchar and Steyer in South Carolina on Feb. 25. Photo: Jim Watson/AFP via Getty Images

Sen. Bernie Sanders wants to keep his momentum after winning New Hampshire and Nevada, while former Vice President Joe Biden hopes to keep his own campaign alive. The other five candidates are just trying to hang on.

What's happening: Seven contenders for the Democratic presidential nomination are in Charleston, South Carolina, for the tenth debate, just days before the South Carolina primary and a week before Super Tuesday.

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