The Ethereum network has had a strong start to 2018 as its token, ether, has breached previous records. The token has crossed $900 mark and is one of the largest digital tokens, after Bitcoin and Ripple's XRP.
Ethereum is not the only crypto coin that is booming. Ripple’s XRP has also seen a 16.31% surge in the past 24 hours. Ripple’s recent surge is due to its announcement that it will be collaborating with major credit card providers in Japan.
The news of Ether breaching $900 has reinforced the crypto market, which has suffered some losses in the past few weeks. Bitcoin’s value fell to $10,000 at its lowest and other coins soon followed suit. Billions were washed off the crypto market cap within a matter of hours.
Ether surged 17%
Ethereum’s price topped $914.83 at 02:30 UTC, with the coin's initial advance beginning at around midnight. The recent surge has boosted Ethereum’s market cap to $86,339,498,573. Ether has posted 17% advance in the last 24 hours.
The reason behind the boost is the increased volume of trading in Asia. All notable exchanges, including Coinbene, Binance, and Bithumb, have reported increased volume of trading. Ether’s global circulation now stands at 96,724,737 ether tokens.
A look at the recent trend of Ethereum explains that the recent surge seems like a consolidation after the recent turmoil. The upturn may bring Ethereum into a whole new level. It would be interesting to observe how ether reacts to the fluctuating market in the next few weeks.