Amidst all of the Bitcoin craze, people would almost forget Ethereum is doing extremely well at the same time. Unlike most alternative currencies, the price of Ethereum is not linked to the Bitcoin price it seems. Both cryptocurrencies are reaching an impressive market cap, and one Ether surpassed the US$19 value.
Ethereum is proving to be one of the most resilient cryptocurrencies since Bitcoin was created. Other alternative currencies, such as Litecoin, are usually subject to a value decline when the Bitcoin price goes up. But this time, things are very different, albeit there is still a small loss in value for LTC to be noted.
Ethereum Market Cap Goes Up Significantly
Looking over the statistics at leading altcoin exchange Poloniex, it is clear nearly every alternative cryptocurrency is seeing a value increase at the same time as Bitcoin. Especially Ethereum is seeing a significant value increase, as the price per Ether has surpassed the US$19 valuation. Moreover, the market cap for this alternative cryptocurrency has surpassed the US$1.5bn market cap for the very first time.
Following a very similar path to Bitcoin, Ethereum’s market cap has increased by nearly 35% over the past few days. Bitcoin has seen a spectacular price increase as well, and both cryptocurrencies leave a lot of room for growth. Surpassing the US$1.5bn market cap is a significant milestone for Ethereum, as the cryptocurrency has shown signs of a continual value increase since being traded across exchanges.
Trading volume is an important aspect to push the value of a cryptocurrency up or down. In the case of Ethereum, there has been over US$52m in trading volume over the past 24 hours. It appears as if traders and investors are starting to see the value of various cryptocurrencies, including Bitcoin and Ethereum.
This news comes on the heels of several Australian exchanges adding Ethereum trading options, as well as the success of Ethereum-based project The DAO. That being said, it is very likely Ether is riding Bitcoin’s coattails regarding such a spectacular value increase. That doesn’t mean there is no value to Ether, mind you.
It is positive to see multiple cryptocurrencies faring well at the same time. Bitcoin and Ethereum are not competing with each other by any means, and they can peacefully co-exist. It is only normal to see both of them doing well at the same time, and it will be interesting to see if these trends can continue.
Source: Finance Magnates