Ethereum's price surge continued into today as the digital currency topped $700 to reach a high of $750 according to coinmarketcap.com. This brought Ethereum’s market capitalization to an astonishing $72.5 bln. However, as Bitcoin mounted a comeback, returning to near-record highs, Ethereum slipped. At press time, Ethereum was trading for $640.
The network's transaction speed and fee normalisation seem to have influenced the price increase. Co-founder Vitalik Buterin posted on Twitter Wednesday that the Ethereum network surpassed 10 transactions per second for an entire day on Tuesday.
This has brought down unconfirmed, pending transactions considerably. Ethereum and Bitcoin in recent times have been experiencing huge numbers of pending transactions. According to Etherscan.io, Ethereum processed a record 828899 Transactions on Tuesday.
In a related development, Donald McIntyre, founder of Etherplan, has congratulated Vitalik Buterin and the entire Ethereum team on the normalisation of Ethereum’s processing speed. In a post on Twitter, he wrote:
Hi @VitalikButerin @gavofyork @VladZamfir @nicksdjohnson and Ethereum team at large:— Donald McIntyre (@TokenHash) December 12, 2017
Although I give you hell for the social side and policies, the last few days were a big test for the network and it is proving to be a very sound design. Congrats! ????? https://t.co/zoBLBv8JJj