Ethereum surges 20%, brings its market cap to $15 billion

Ether (ETH)—the world’s second largest cryptocurrency by market cap—has bull blood flowing through its veins again. The currency is trading for roughly $142—more than $20 higher than where it stood yesterday—and is up by more than 20 percent.

Ethereum has been hit hard over the past two weeks, and while its present numbers don’t compare with the $282 price it was sporting in mid-February, the currency is roughly $36 higher than its March 16 low of $106—the lowest it had been in over a year.

ETH is surging alongside assets like Bitcoin, which is currently trading for over $6,400. The jumps occurred following news that President Trump had signed a bill granting Americans access to free coronavirus testing and paid emergency leave.

However, the Ethereum network has also seen its user base and potential grow over the past month, a reminder that while its price may be on the low side, its blockchain remains viable. Among the most recent Ethereum developments is the Enjin Multiverse Program, which makes Ethereum-based assets and tokens available for use across multiple games. 

In addition, the coronavirus isn’t stopping production on Ethereum 2.0, which will theoretically make the network more scalable. Vitalik Buterin, Ethereum’s creator, believes the upgraded network can be superior to Bitcoin in terms of its smart contract capabilities.

Today’s positive vibes are extending through the entire crypto industry. Assets like Bitcoin Cash (BCH) and Bitcoin SV (BSV) have jumped in value by 25 and 35 percent, respectively, and are trading at $232 and $168. Meanwhile, Litecoin (LTC) and EOS (EOS) have recorded gains of roughly 17 and 19 percent.