By
Godfrey Benjamin
April 18th, 2024
Ether prices hit two-month high, other currencies gain in price likewise, and total market cap surges to $160B. All seems to be signalling that something important is taking place.
Ethereum’s ether token hits two-month high having risen sharply over the past 24 hours.
Being traded at $340 yesterday morning, ether crossed the line of $365 today and then slightly fell to $361,88 at press time according to data from CryptoCurrency Market Capitalizations Index. In such a way, taking into consideration initial surge and a following slight drop, ETH’s price rise constitutes around 5,13 per cent. The latest all-time high was reached on June 13, when the token’s price made slightly more than $404.
The price change may have been preconditioned by enthusiastic trading in South Korea, which exchanges Bithumb and Coinone take the first and third places respectively among top three in terms of total ether volume operated. They account for 14.08 per cent and 6.62 per cent of trading correspondingly. China-based exchange OKCoin takes the second place accounting for 9.28 percent of total ETH market operating.
Another crypto currency, also ranked among top ten, moves the same direction with Ethereum’s ETH – Ripple (XRP) has seen price gains making at first 12,4 per cent then slightly dropping to 7, 39 per cent rise (eventually constituting $0.220265 at a press time) during the last 24 hours.
The leading currency, bitcoin has also gained 6 per cent in price over the last 24 hours and now is traded at $4586, according to CoinMarketCap.
Meanwhile, investors put more and more money in cryptocurrencies, increasing the total value of the more than 800 publicly traded cryptocurrencies and assets.
Last week the total market cap left behind all-time high of $150B, which meant 67 per cent rise over the last month and an incredible 1,240 percent enhancement since the previous year.
Then Sergey Nazarov, Founder and CEO, SmartContract.com, said:
$150 billion is extremely conservative when you look at the back-end infrastructure that blockchain-based systems are set to replace or completely reform in the next five years. What is the value of the systems that currently secure every institutional securities transaction, insurance transaction, and trade finance transaction worth? Much more than $150 billion. The World Economic Forum arrived at its valuation of 10 per cent global GDP by 2027 on blockchain-based systems, which is in the trillions, and many of those same global thought leaders now feel those projections were conservative.
And he was right, now, gaining another $10M, the total market cap faced the price rise of more than 1320 per cent since the previous year, now hitting the milestone of $164B for the first time ever.
“If market prices retain any useful informational content, which theory suggests they do, then the 10x run-up in the crypto market capitalization over the last year signals there is something important taking place. Whether that something ends up being radically transformational, or simply a speculative delusion is yet to be seen: The cool thing is that we’re seeing history unfold,” – stated Rob Viglione, Co-Founder, ZenCash.