Ethereum has reached a new all-time high of $218 today, slightly above the previous recorded high of $217 on Coinbase, after dropping $100 in one day late last week.
Some suggested the $100 fall indicated the beginning of a bear market, but it appears the recovery was quick and in a very sharp V shape, which may indicate it was simply a correction.
That correction was probably caused by bitcoin which saw a sharp price fall of nearly $1,000 to then slightly recover, but it remains no where near its all-time high, still trading some $600 lower.
However, ethereum’s rise appears to have dragged up bitcoin, which in turn seems to have dragged up all other digital currencies, with everything in green today across the board.
The rise was probably caused by a combination of factors. Huobi, one of china’s biggest exchange, is to start eth trading on the 31st of May, which for most in the west means sometime this evening as China is a bit ahead time-wise.
Meanwhile, eth projects keep being announced. Our story on Toyota prototyping an ethereum based Uber alternative grabbed everyone’s attention. The Status Network has been announced. There are business owners asking how they can accept eth as a means of payment. The BAT ICO is soon coming, while the Ethereum Name Service is now securing $300 million worth of eth.
Those are just some of the current eth projects, with plenty more going on in the wider ecosystem, leading to activity now valued at more than $20 billion in market cap, higher than 50% of bitcoin’s.
That momentum may suggest Fred Wilson, a Silicon Valley based VC at Union Square, may be proven right in his prediction that ethereum will overtake bitcoin’s market cap by the end of the year. He is also into the token economy, telling attendees at the token summit that the boom has way more to go.
Whether that is indeed the case only time can say, but a new all-time high so quickly after such a sharp correction has rarely been seen in this space.