Ethereum Has Higher Trade Volumes Than Bitcoin As Fortunes Reverse
A fresh bull run on Ethereum has seen trade volumes surpass those of Bitcoin in the past 24 hours.
24-hour Ethereum (ETH) trading volumes have passed Bitcoin’s according to data from CoinMarketCap on Tuesday.
The period to press time at 17:00 BST showed ETH had turned $1.293 bln in volume compared to Bitcoin’s $1.271 bln.
The move, which may well be unprecedented in the history of ETH, accompanied a livelier price uptick compared to BTC, which increased just 1.65 percent since Monday versus the top altcoin’s 11.3 percent rise.
ETH is now back above $200 per token since Thursday last week, when a slip became a plunge in line with Bitcoin to see it bottom out at just $120.
The fortunes of the majority of top altcoins reversed over the weekend as Bitcoin’s own price improved, taking back some of the ground lost in what to investors looked like the long-awaited popping of the bubble which had accelerated through last week.
Bitcoin reached almost $3,000 per coin, while ETH knocked on $300. Now, however, investors appear to be bullish once again, Bitcoin’s market dominance again in retreat below 50 percent.
“Next up is market cap then price in USD,” former Bitcoin Foundation Executive Director Bruce Fenton wrote on Twitter relaying the trading action.
Fenton added he still thought Bitcoin’s Blockchain was “superior” to ETH.
Wow! Ethereum volume just surpassed Bitcoin!— Bruce Fenton (@brucefenton) May 30, 2017
Next up is market cap then price in USD.
(I still think Bitcoin is a superior blockchain tho) pic.twitter.com/xAq2MxR31b