Ethereum, the second largest cryptocurrency by market capitalization and Bitcoin’s strongest competitor, broke $ 200 per coin for the first time since Sunday’s flash crash.
ETH is currently trading for just over $ 200 and has added more than 7% to its price since yesterday morning.
This marks a price hike of $ 14 as of Wednesday, when the currency was trading for $ 189. Over the weekend, the crypto market experienced a flash crash that caused prices to drop (and Coinbase offline). Ethereum’s price dropped from $ 209 to $ 187 within 30 minutes.
Since then, Ethereum has largely recovered in the past 24 hours, along with the market leader, Bitcoin, which currently trades for just over $ 9,700.That is one Yesterday’s $ 900 peak, and a jump of over 6% since this morning.
Together, their rise has taken the rest of the crypto market to one total market capitalization of $ 262 billion, up from $ 15 billion in one day.
Ethereum’s earnings follow the news of the network’s growth and increasing popularity. Earlier this week, the market saw ETH-based futures first introduced to professional traders. Settings now have the option to trade Ethereum derivatives on US regulated exchange ErisX.
The exchange is supported by broker and trading platform TD Ameritrade and managed by the Commodity Futures Trading Commission (CFTC). The futures themselves are physically settled, which means that ErisX must buy ETH before trading. Institutional players now have more control over how to buy or sell ETH and can hedge their risks by betting on the future price of the asset.
Luck for both Bitcoin and Ethereum has arrived in sharp contrast to the current state of the US stock market and economy. Crypto has been following the stock market for months, since the Black Thursday Crash. That correlation – one that market analysts and traders have contested as inorganic– seems to be broken.
The author’s views and opinions are for informational purposes only and do not constitute financial, investment or other advice.