As the cryptocurrency prices continue to surge upward, ethereum has crossed $750 mark for the second time in one day. For a long time, bitcoin has been the leader of the digital currency market but the ethereum seems to be on the track to surpass its competitor with an unbelievable magic of about $1,000 price, it’s only a $255 away.

Bitcoin attained $17,000 in the last week and ethereum, which comes second in the cryptocurrency market, is finding its way into various government bodies on the regulatory acceptance and implementation could be the most preferred digital currency in the near future.

For instance, the six world’s giant banks including the Swiss giant bank, UBS in collaboration with the Barclays, Credit Suisse, KBC, and Thomson Reuters are in the process of integrating their data reference with the ethereum-based technology to make their operations more efficient, resilient, and accurate.

The plan is basically to prepare for the upcoming compliance procedures and requirements of the new Markets in the Financial Instruments Directive (MiFID) II which will effect on January 3, 2018. The latest news about ethereum being used in the financial market as the base identity of the largest banks in the world is a milestone for the development of the digital currency technology.

While there are more than 1300 cryptocurrencies in the world and though bitcoin dominates the digital currency market, other digital currencies including ethereum and litecoin are aggressively making the move to influence the prices of the cryptocurrency.

Ethereum, which failed to meet regulatory approval this year, could still face challenges from some lawmakers who could block its entry into the legal market, but it might just be on the right path to victory in the near future.

Moreover, ethereum is a name given by a blockchain firm that creates the digital token known as ether. It works almost similar to bitcoin but its technology is a bit different; it uses Smart Contracts that are used by giant corporations.