Ethereum’s trading volumes have reached a new all-time high of $3.2 billion, more than double bitcoin’s current trading volumes of $1.5 billion, in an historic first.
The currency jumped yesterday some $70, up more than $130 dollars in the past two days. In effect doubling from its recent bottom to reach a brief high of $260, now settling at around $230 at the time of writing.
The stupendously quick price jump was due to an announcement that MasterCard, Cisco, a State Government, Scotiabank and 31 other organizations have joined the Enterprise Ethereum Alliance (EEA).
The alliance is now the biggest blockchain initiative in the world as ethereum takes the lead in private blockchains, while its trading volumes have taken the lead in public blockchains as ethereum has enjoyed the highest trading volume for the past few weeks.
That may indicate ethereum is now leading this space in price movements, dragging all other digital currencies up or down with it. A suggestion re-enforced by observation as ethereum often appears to be the first in price movements.
Its ecosystem, therefore, may have now become bigger than bitcoin, a currency which it surpasses in most measures. Ethereum, for example, handled 10,000 more transactions than bitcoin yesterday, while in the recent days it processed as high as 40k-50k more.
It’s node numbers are some 5 times higher than bitcoin’s, suggesting it has a lot more businesses, projects, developers, utility, as well as a higher level of decentralization.
While in social metrics ethereum’s public spaces usually tend to have higher activity than bitcoin, with ethereum’s daily trading discussion attracting thousands of comments while bitcoin’s equivalent manages only hundreds even in times of high volatility.
As such, a flippening may have already occurred by most metrics as ethereum seemingly rises to become the dominant in both public and private blockchains.