Altcoin Report: Ether Outranks Bitcoin as Highest-Performing Cryptocurrency
Zcash trading goes through the roof; ether is the highest-performing cryptocurrency of 2016, and cross-border payments are possible through Ripple. Want to catch up on your latest altcoin news? Read the stories below.
The recent launch of Zcash created a trading frenzy on Poloniex the other day, causing the price to reach an impressive $2 million per coin. It appears the currency’s status changed within a mere matter of seconds, although some attribute the high-level price hike to a potential error which may have added a few zeros to Zcash’s end.
Presently, Zcash is in incredibly short supply. Approximately 100 coins have been mined thus far, while an additional 300 will be mined in the coming days. However, demand does appear to be relatively widespread. Recently, exchanges ranging from Kraken to Bitfinex have added the currency to their respective trading platforms.
Pave the way for cryptocurrency’s latest celebrity figure. Ethereum-based altcoin ether is slated to become 2016’s highest performing digital currency, beating out bitcoin for the top spot.
Last January marked a turning point in ether’s history, as usage gradually increased and the coin’s price practically doubled overnight. While bitcoin has recently met the $700 mark for the second time within the span of one year, many have complained that activity has remained relatively stagnant, which may have altered the currency’s reputation over the last 12 months.
Despite the fall of the DAO last summer, the price of ether has still managed to stay well over $10 and experience a value increase of nearly 1,200 percent in just the last year alone. Thus far, value has continued to remain stable.
12 banks of the R3 lab have undergone trials of Ripple’s blockchain to test cross-border payments and cut relative costs. Some of the banks involved include Barclays, the Royal Bank of Canada, Santander, and Westpac Banking Corporation.
In a statement, Ripple explained:
“This trial introduced XRP to test the feasibility of reducing or retiring the use of current Nostro accounts for local currency payouts.”
The first credit card company to join R3 and be part of the trials is Synchrony Financial. Company CEO Carol Juel expressed enthusiasm, stating its partnership with R3 is likely to open doors in the future:
“Having access to the R3 network and research will be valuable as we think through the many opportunities for blockchain to be leveraged across the consumer finance landscape.”
Know of any altcoins that deserve a place in our regular reports? Post your comments below.
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