Ethereum Market Cap Hits Its Highest So Far
Over the past few days, we’ve seen quite the surge in Ether and bitcoin prices. With two Australian exchanges now offering the ability to obtain Ether, and other exchanges upping their Ether-ante, it’s no wonder that prices are rising.
Unlike all the other altcoins, Ethereum’s price is not linked to bitcoin. The typical trajectory of altcoin prices decrease when bitcoin prices surge. However, Ether has its own path and is subject to increase or decrease without the influence of bitcoin. And this week it hit the USD amount of $19, and surpassed the $1.5 billion market cap for the first time.
But as Ether has been on the rise, bitcoin and other altcoins have also been hitting that uphill button on the treadmill. Of course it’s possible these currencies are taking a climb because people are hopping online to purchase bitcoin and other virtual currencies in order to make a trade for Ether. There are currently more exchanges that offer virtual currency trades for Ether than straight out purchases. Within the past 24 hours, the trading volume for Ethereum has gone over $52 million.
With more exchanges announcing their fuller options list of currencies, and the success of the Decentralized Autonomous Organization otherwise known as the DAO- it’s prudent to say that Ether will continue to rise. It should also be noted that while both Ether and bitcoin have certainly seen an increase, these currencies are not seen, at this time, as competitors.