In what can be pegged as a historic first for Ethereum, the cryptocurrency’s trading volumes have reached all-time high levels of $3.2 billion and these levels are more than double bitcoin’s current trading volumes of $1.5 billion.
Ethereum managed to wipe off all the steep falls in valuation over the weekend to garner a high of $260 for a brief time. As of this writing, Ethereum is trading at $218 – a price point that many believe is going to be a stable one for the cryptocurrency. According to analysts, Ethereum’s massive jump was due to an announcement that MasterCard, Cisco, a State Government, Scotiabank and 31 other organizations have joined the Enterprise Ethereum Alliance (EEA).
The alliance is now the biggest blockchain initiative in the world as ethereum takes the lead in private blockchains, while its trading volumes have taken the lead in public blockchains as ethereum has enjoyed the highest trading volume for the past few weeks.
The size of the alliance and the substantial increase in trading volumes indicate that Ethereum could lead this space in price movements, dragging all other digital currencies up or down with it. A suggestion re-enforced by observation as ethereum often appears to be the first in price movements.
Ethereum’s ecosystem may very well become bigger than bitcoin, a currency which it surpasses in most measures. Ethereum, for example, handled 10,000 more transactions than bitcoin yesterday, while in the recent days it processed as high as 40k-50k more.
Further, Ethereum’s node numbers are some 5 times higher than bitcoin’s – an indication that the cryptocurrency has lot more businesses, projects, developers, utility, as well as a higher level of decentralization.
While in social metrics ethereum’s public spaces usually tend to have higher activity than bitcoin, with ethereum’s daily trading discussion attracting thousands of comments while bitcoin’s equivalent manages only hundreds even in times of high volatility.