Earlier this morning, the cryptocurrency Ethereum (available on Coinbase) broke new records for itself, surpassing $1,000 for the first time and hitting an all-time high of $1,045.08. Ethereum (available on Coinbase)’s market cap also broke records this morning by surpassing $100 billion.

The surge for the cryptocurrency has slightly worn off by now, with its price currently being listed as $994.49 on CoinMarketCap and, similarly, its market cap is now resting just below $100 billion at $96.2 billion.

As can be seen from the chart, the coin is currently climbing back up, so it may still manage to cross the $1,000 mark once more before the day is out.

Source: CoinMarketCap

What does this climb mean for Ethereum (available on Coinbase)?

Ethereum (available on Coinbase) used to hold the spot as the second largest cryptocurrency in the world, but last week saw Ripple (available on Binance) amp up and take over second place, pushing Ethereum (available on Coinbase) into third. Will the coin’s rally be enough to regain its holding as the number two cryptocurrency above Ripple (available on Binance)? It’s certainly not far off. Ripple (available on Binance)’s market cap is currently sitting at $132.8 billion, putting Ethereum (available on Coinbase) far closer to overtaking Ripple (available on Binance) than Ripple (available on Binance) is to Bitcoin (available on Coinbase) (Bitcoin (available on Coinbase)’s market cap, although maintaining the lowest market dominance it’s ever had at 33%, is still a whopping $258.2 billion).

And Ethereum (available on Coinbase) is working its butt off to regain its footing. The creator of Ethereum (available on Coinbase), Vitalik Buterin, announced that there would be two new subsidy programs launching that would be working towards researching how to further scale and develop the distributed ledger that Ethereum (available on Coinbase) runs on, which would vastly open up Ethereum (available on Coinbase)’s capabilities and eliminate the growth problems that have been plaguing the cryptocurrency for the past little while (growth problems that may have contributed to Ripple (available on Binance)’s passing of Ethereum (available on Coinbase)).

Ethereum (available on Coinbase) will also continue to work with a number of high-profile financial institutions, such as Credit Suisse (OTC:CSGKF), UBS (NYSE:UBS), and Barclays (NYSE:BCS).

These things combined could help boost Ethereum (available on Coinbase) enough for it to overtake Ripple (available on Binance) and once again take the title of king of second place in the crypto market.

Featured Image: depositphotos/Makaule