The overall market capitalization of all ETH coins on the Ethereum blockchain network is once again above $1 billion. The apparent success of the DAO crowd-funding drive is the most likely source for the tail winds pushing ETH/USD higher.
The price of ether has jumped more than 36% in the past week alone reaching just above $13 today, which is about $4 more since the DAO crowdsale opened – and it still has nine more days to go. The last time Ethereum was worth this much was back in March, which does not sound so long unless you remember it has been trading for less than a year.
Only on Sunday we saw that the DAO has shot past the expected $100 million in funding, and today it is already at over $140 million. This massive success has created tremendous positive media buzz, reaching the Financial Times, CNBC, Bloomberg and more, drawing in more investors both from within and without the cryptocurrencies sphere.
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As the DAO is operated on the Ethereum blockchain and only accepts ETH as investment, all the new people that came on board needed to buy ethers to participate pushing the price upwards. This is evident from the fact that the trading volume of ETH skyrocketed to over $46 million in the last 24 hours, which is 65% of the trading volume of bitcoin for the same period. As a result the DAO now holds 11 million ETH out of the 80 million in existence which is a whopping 13.75% of the total circulation.