Ethereum Price Jumps After Mastercard Joins Alliance

Cryptocurrency Ethereum price has jumped more than 50 percent, recovering from losses over the last several days.

According to a report, not only did the cryptocurrency that competes against bitcoin have its biggest percent gain during the past 24 hours, but it also had double the volume of bitcoin. The report noted that as of Wednesday (July 19) there is a $10-billion difference between the market caps of bitcoin and Ethereum, and if the prices for Ether continue to increase Ether will be a real challenger to bitcoin once again.

The price of Ethereum hit an all-time high of $408 in June and ever since the price had been on the descent.

At its peak the market cap of Ethereum was $35 billion and was $3 billion away from surpassing bitcoin. With the price movement Wednesday the report noted the two will probably be battling it out again shortly.

One of the reasons for the jump in the price of Ether could be that Mastercard has joined the Ethereum Alliance. The Enterprise Ethereum Alliance brings together Fortune 500 companies together with startups, academics and technology vendors that are experts with Ethereum, noted the report, citing the company’s website.

In the announcement about Mastercard, Ethereum Alliance said it has added more than 34 companies, including Mastercard and Cisco, as well as the Indian government to the alliance. With backing from high-profile companies and the government of India some are betting Ethereum has a real chance to challenge bitcoin, the leader in cryptocurrency.

But it’s not only corporations that are interested in Ethereum.

Russian President Vladimir Putin is looking into investing in Ethereum, bitcoin’s main cryptocurrency competition.

While Russia’s central bank has already put an Ethereum-based blockchain pilot project in motion for its online payments, there have been talks of a national virtual currency in the future.

Putin met with Ethereum founder Vitalik Buterin at the St. Petersburg International Economic Forum last week to discuss the possibility of implementing bitcoin-competitor Ethereum in a broader sense.