Although Bitcoin has handed over a good portion of the spotlight to Ethereum and other fledgling cryptocurrencies, the original leader of the industry nonetheless drew attention in recent weeks as it narrowly avoided a split in the process of scaling to accommodate rapidly growing interest and transaction levels. As some analysts have expected, Bitcoin's price has climbed in recent days, soaring past the $3,000 marker per coin to achieve new highs of more than $3,400 earlier in the week. Now, as Coin Telegraph reports, Ethereum has followed in a similar path, gaining 16% in a single day and climbing above the $300-per-token price range.
16% Gains in 24 Hours
The surge in Ethereum's price came about earlier in the week, when the cryptocurrency climbed from $265 per token to $317 per token in a single 24-hour period. Since that time, Ether has dropped in price somewhat, hovering around $301 per token as of this writing. Still, the total gain is nonetheless significant, even though Ethereum's token price has dipped since achieving its localized high point earlier in the week.
The cryptocurrency market has tended to fluctuate in accordance with changes to Bitcoin's price. In spite of the fact that Ethereum, Ripple, and other digital currencies are making advancements toward toppling Bitcoin's dominion over the industry, the general crypto market still tends to follow the trends of the biggest and oldest currency in the field. Now, as Coin Telegraph suggests, "the recent rise of Bitcoin price played a vital role in creating upward momentum for the rest of the cryptocurrency market."
Ethereum Outpaces Other Currencies
While the entire cryptocurrency market felt a bit of a surge thanks to Bitcoin's gains, Ethereum seems to have outpaced its other peers. In fact, the gains in price pulled the market cap of the second-largest digital currency in play from $19 billion to more than $27 billion.
Recently, the initial coin offering craze has been a prime fueler of Ethereum price gains. Still, according to BitGo engineer Jameson Lopp, the strongest indicator of the overall growth and stability of any particular cryptocurrency is the rate of developer activity surrounding it. In a series of good signs for Ethereum, many of the world's most prominent tech and financial companies have begun to rally around the digital currency, with firms ranging from Microsoft, Visa, and IBM becoming involved in one way or another. Visa has stated that it is "seeking a strong developer experienced with Ethereum and Blockchain architecture to be a part of a team tasked with building distributed application." Should this developer interest continue to expand into other areas of business, it's likely that Ethereum's massive gains this week could become more and more common.
Read more: Ethereum Price Surges, Following Bitcoin Gains | Investopedia http://www.investopedia.com/news/ethereum-price-surges-following-bitcoin-gains/#ixzz4pZJ6pwzg
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