Ether reaches a new high at $900 in the New Year
Jan 03, 2018 Posted / 4146 Views
A few days back when various cryptocurrencies tumbled in its value, critics started forecasting their doom. However, Ether, which is the official currency of the Ethereum platform and at present the third major cryptocurrency in terms of market capitalization, set a new high record by trading at $914. Currently, Ether is trading at an average of $892 and boasting a 14.04 percent increase in price in the last 24 hours.
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If we revisit the developments in the past month, the price of Ethereum has grown by over 100 percent, rising from the value of around $440. However, it cannot be discerned that the price for Ethereum did dwindle a lot between $200-$400 last year. Nonetheless, the altcoin has grown steadily upward since mid-December 2017. The coin also preceded its record high of $880, which it reached on December 19 last year.
A few days back when Ripple seized the second spot with its market capitalization the currency got a little setback. Even the Cryptokitties mania did affect the credibility, as there was huge network congestion on the Ethereum blockchain. However, the third-largest cryptocurrency astounded everyone, as its market cap has grown from $698 million to today’s $86 billion, which is basically a whopping 12,000 percent increase.
If you compare with the previous year's figures, on Jan. 1, 2017 the price of Ether started at $8. The last 24-hour price surge is an acknowledgement of the escalating ETH trading volumes, particularly in Asia. At present time, Coinbene, an exchange based in Singapore has taken up the front lead, bragging 24-hour trading volumes, which reached $600 million. This means that it accounts for 11 percent of the total Ether trading volumes.
In another media reports, Hong Kong & Tokyo-based exchange, Binance is also witnessing an extraordinary trading volume which reached approximately $360 million. Next exchange that topped the list of trading volume was South Korea-based Bithumb that disclosed that their 24-hour volumes around $340 million.
It is not that Ethereum chain is growing at a swift pace but the complete cryptocurrency market is witnessing a steady surge after a week of the consolidation period. The entire cryptocurrency space with most of the top 20 altcoins depicted 24-hour increases. In fact, many of them saw a surge of about 30 percent and one of them grew as much as 83 percent. Even the largest cryptocurrency, Bitcoin has witnessed a modest 4.25 percent price increase.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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