Ethereum has recovered its place as the second biggest cryptocurrency by market capitalisation after a nine-day rally.
At the end of December, ethereum was overtaken by Ripple in terms of market cap.
Ripple is a banking-focused digital currency created by the company that owns it, rather than ‘mined’ on an opensource basis, as with Bitcoin and ethereum.
However ethereum’s rally has seen it regain second spot behind Bitcoin – with one of ethereum’s creators, Steven Nerayoff, predicting the currency could overtake Bitcoin by the end of 2018.
Nerayoff says ethereum is gaining momentum thanks to the growing number of projects built on the platform.
“What you're seeing with ethereum is exponential increase in the number of projects — there are billions of dollars being poured into the ecosystem right now — maybe 10 times more projects this year than last year, which could easily lead to a doubling, probably a tripling in price by the end of the year,” Nerayoff told CNBC.
“You're seeing a tremendous amount of growth across a wide variety of industries. Fintech is actually the natural area, but now you're seeing it becoming increasingly more creative — you find projects in the oil and gas industry, you're finding government using it in their applications, you're seeing it in gaming, all kinds of different areas,” he added.