It is impossible to deny the success Etherr has had these past few months. Ethereum’s price has exploded exponentially, and it looks like things are only just getting started. At this rate, it is merely a matter of time until Ethereum overtakes Bitcoin based on market cap. It is an intriguing trend, although no one knows for sure how things will play out in the long run.
ETHEREUM’S RISE TO POWER IS NOT SLOWING DOWN
One cannot deny the meteoric rise Ethereum is going through right now. The past few months have been incredibly exciting for Ethereum holders and supporters. The Ethereum Enterprise Alliance has seen its fair share of success as of late, which will elevate the Ethereum ecosystem to a new level among enterprises and other companies. It will be interesting to see how the Enterprise Alliance evolves in the coming years, that much is evident.
Most people are focusing on the Ether price right now, which is only to be expected. After all, one ETH was worth around less than $10 in January of this year. Five months later, one ETH is valued at around $350. That is a spectacular value increase, to say the least. Moreover, it appears this price momentum can actively be sustained, indicating this is not a mere pump-and-dump scheme by any means. Then again, cryptocurrency markets are still quite volatile, and things can always change dramatically in the span of mere hours.
It is quite interesting to see Ethereum surpass $300 so quickly, though. Just yesterday, we mentioned how Ethereum was below $300, and Bitcoin was on track to surpass $3,000. Less than 24 hours later, Ethereum has vastly surpassed everyone’s expectations, whereas Bitcoin is still struggling to surpass the US$2,900 mark. This latter part is quite surprising, considering Bitcoin has plenty of trading volume to push the price upward.
Speaking of the trading volume, Ethereum is well on track to surpass Bitcoin in this regard over the coming days. Right now, Bitcoin sits at $2.1bn in 24-hour trading volume, whereas Ethereum generated $1.95bn. This gap used to be much larger not too long ago, but it goes to show the flippening may indeed be in effect right now. It is too early to tell, though, as a lot of crazy things are currently happening in the world of cryptocurrency.
In terms of market cap, Ethereum is catching up to Bitcoin as well. To be more specific, Ethereum’s market cap hovers around the $32bn mark as of right now. Bitcoin has been trying to reach $50bn for some time now, but seems to have hit a roadblock around $47.5bn. Then again, both currencies’ market caps were a lot smaller just two months ago, and there is no reason to think things will shift dramatically over the next few days. Slow and steady growth will win the race for any cryptocurrency.
Korean markets still trump other fiat currency trading pairs for Ethereum right now. Both Bithumb and Coinone are well ahead of GDAX. Korbit is ahead of all Chinese exchanges, although the gap is growing a lot smaller as of late. Chinese exchanges are showing a much higher premium price compared to the rest of the world, though. Huobi, OKCoin, and Yunbi all display Ether at a price of $364 and higher. This could be a sign of things to come for Ether across other fiat currency markets, though.