This article was originally posted on Cointelegraph - an independent publication covering cryptocurrency, the blockchain, decentralized applications, the internet of finance and the next gen web.
Ethereum (ETH) is crossing $750 for the second time in a day as prices continue hitting unbelievable all-time highs.
In a frenzy of activity mirroring Bitcoin, ETH appears to be on track to continue its own historic surge, with the magic $1,000 price tag just $255 away.
Like the impetus for Bitcoin’s break above $17,000 this week, ETH’s newfound success hinged on regulatory acceptance and implementation.
A group of EU banks including UBS in Switzerland is set to use the altcoin’s network as part of compliance procedures for forthcoming legislation due to come into effect Jan. 3.
“The news that Ethereum is being used as a base identity layer in conjunction with some of the larger banking giants out there is a positive ratification of the technology,” CryptoCompare’s Charles Hayter told CNBC about the move.
Not just current enthusiasm but a widely-held belief in ETH as a ‘second in line’ asset to Bitcoin is helping push up prices.
Having failed to gain regulatory approval this year, ETH-based exchange traded funds (ETFs) could yet see lawmakers green-flag their entry into the market in the near future, sources continue to suggest.
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