As the value of bitcoin started to soar, it began to attract more mainstream investors and eventually caught the interest of financial professionals. Now, the same thing is happening with other digital currencies.
The latest evidence of this is Bloomberg’s decision to add prices for three other crypto-currences—Ripple, Ethereum and Litecoin—to its terminal service, which is used by major banks and investment houses worldwide. The addition amounts to a validation of sorts for the digital currencies, which have been around for a while but have always been second fiddle to bitcoin:
While the three digital currencies rely on similar distributed ledger technology, as does bitcoin, they are quite different from one another.
Ethereum relies on a more versatile type of software that has made it a popular platform for many other digital tokens, while Litecoin is built as a quicker, more efficient clone of bitcoin. Ripple, meanwhile, is actually a private company that provides blockchain technology to banks, and allows some of its currency (known as XRP) to trade in the open market).
Ethereum saw a remarkable price jump early in the year when it suddenly soared from under $10 to around $200 in a few months, and is now trading near $700. Litecoin saw a similar but more recent price jump, while Ripple has experienced a series of surges in the last year. Read more from fortune.com…
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