Ethereum price reached a high of $237 yesterday wiping off the loses garnered over the weekend, but it turns out that the correction in the cryptocurrency is far from over.
Currently Ethereum is trading at $213 – down 11 per cent over the last 24 hours – and this effectively means that confidence in the cryptocurrency after the weekend slump hasn’t been fully restored.
After hitting a $134.21 low this month, Ethereum has recovered to $237 yesterday, effectively reaching the value it had last week before the price dropped.
Ethereum’s market cap yesterday was at $20.90 billion. Bitcoin’s market cap is currently at $38.18 billion with the number one cryptocurrency also gaining a lot after the weekend price plunge. Currency Bitcoin is trading at $2351.
Braving the weekend price plunge disaster, investors and cryptocurrency users are at it again with a bullish mood. The total market cap of cryptocurrency after gains over the last couple of days stood at $83.36 billion.
One of the reasons behind Ethereum’s recent surge is the Ethereum Enterprise Alliance (EEA), which recently just added 34 new members, turning it into the world’s largest blockchain consortium.
Last month The Flippening, the scenario in which Ethereum would surpass bitcoin and become the number one cryptocurrency, looked like a real possibility before Ethereum’s value dropped and bitcoin recovered part of its dominance.
Now, Ethereum seems to be recovering part of its share, even though it’s still far below bitcoin. At press time, Bitcoin’s dominance is currently at 45.2%, while Ethereum’s is about 25%.