Bitcoin may have been performing on the markets recently but with the growth of bitcoin comes the growth of the cryptocoin market itself. One notable mover is Ethereum, which at the time of writing, has grown over 6% within the last 24 hours. Compounded with the rising volumes of the coin being traded exceeding over $1 billion, the bull run has seen prices hit well over $360 on a number of exchanges.
Ethereum is set to receive its very own hardfork resembling bitcoins upgrade. The project named Metropolis has moved into the initial stages of development after the specifications for the Ethereum Improvement Protocol were finalized earlier this week. As seen ion the graphs below the recent price movements have come as a welcome period of growth amid falling prices which saw Ethereum valued at $300 for the majority of the month.
With Metropolis in the works, and Putin’s informal endorsement of the cryptocoin,, Ethereum has the potential to rival bitcoin not only in terms of value but also adoption across the globe.
To conclude, the prices have surged dramatically over the past day reaching within touching distance of the markets all time high which remains, $411. Many analysts predict the bull run to carry on allowing the prices to reach a minimum of $375 whilst accounting for current trends. The market cap has grown sufficiently to provide sustainable growth, and with trading volumes up from the $600 000 000 seen earlier today, providing much needed momentum after poor performance earlier this month. The implications for miners have also been promising as many find their Ethereum mining operations become much more profitable as recent price movements make even smaller rigs profitable.