Only yesterday we reported on the euphoria among Ethereum investors as the price reached a new all time high of $40, and the record has now been surpassed again. At the time of publication, the ETH/USD exchange rate is trending above $54 per token.
As a result, the market value of the entire smart contracts and decentralized apps platform, the Ethereum blockchain, is now worth over $4.9 billion. With bitcoin’s market cap currently just below $18.4 billion, Ethereum is now worth above 25% of the first and still number one cryptocurrency.
Beyond just Ethereum, other challengers have also increased their value – most notably Dash with a $90 price and $650 million market cap – collectively eating away at bitcoin’s market dominance. This figure has fallen for the first time ever to just 70%, meaning that the overall value of the entire blockchain ecosystem – now worth over $26 billion – consists of 30% non-bitcoin value.
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Recent media reports of all time record highs and new cryptocurrencies making history seem to be attracting even more traders to the party. The daily trading volume of all cryptocurrencies is now crypto-assets at over $1.2 billion – another record high.
No doubt this is a great show of confidence in ETH and its potential as much as it is an obvious display of disappointment from the bitcoin community’s inability to move forward with an agreed solution to its current issues.
The question that remains for those Ethereum advocates celebrating today, is whether it can keep the 25% ratio to the leader or if maybe we could soon even see the ‘Flippening’ – the moment that Ethereum overtakes the place of Bitcoin.