Receive all Bitcoinist news in Telegram!JOIN
Bitcoinist.com Logo $11367 $1187 $769
ETHER RISING – UP 30% IN A WEEK
JAMES LEVENSON · JANUARY 29, 2018 · 12:45 AM
ALTCOIN NEWSETHEREUMNEWSNEWS TEASER
January has been a pretty slow month for all cryptocurrencies. The majority of them have not made a recovery from the big slump two weeks ago. Bitcoin, as usual, has commanded the big selloff, but Ethereum has remained relatively resilient to downward pressures and has posted solid gains over the past couple of days.
Ethereum has now garnered the attention of mainstream media, such as Forbes, which recently reported about its upward momentum. A major market correction was expected, and it has been surmised that such corrections are a naturally occurring thing for cryptocurrencies at this time of year.
Bitcoin Posts Lowest Ever 36% Market Cap Share As Ethereum Steals Limelight
ETHER RISING
According to Livecoinwatch.com, which includes South Korean markets, Ethereum is up over $1,200 from a low of $930 this time last Monday. This represents a weekly rise of 30%. The same cannot be said of Bitcoin, which has conversely shown very little gain from its price this time last week. The 24 hour trade volume for ETH has been around $4.5 billion, with South Korea’s Bithumb being the top exchange with over 10% of that trade in Korean won.
According to NewsBTC editor Joseph Young, who was also quoted by Forbes, the rise is in line with an increase in transactions on the network:
The increase in the daily transaction volume of the Ethereum network reflects the exponential growth rate of decentralized applications launched on top of the Ethereum protocol. Applications like EtherDelta, 0x, Radar Relay, and CryptoCribs have gained a significant amount of active users over the past few months.
This week, $1.6 billion cryptocurrency trading platform Coinbase CEO Brian Armstrong praised CryptoCribs, a decentralized Ethereum-based Airbnb-like platform with a non-ICO model.
