ETH is currently trading forjust over $200 and has added more than 7% to its price since yesterday morning.
This marks a $14 price hike from Wednesday, when the currency was trading for $189. Over the weekend, the crypto market experienced a flash crash that sent prices tumbling (and Coinbase offline). The price of Ethereum dropped from $209 to $187 within 30 minutes.
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Since then, Ethereum has mostly recovered over the past 24 hours, along with the market leader, Bitcoin, which is currently trading for just over $9,700.That’s a $900 spike from yesterday, and a more than 6% jump since this morning.
Together, their surge has buoyed the rest of the crypto market to an overall market cap of $262 billion, an increase of $15 billion in one day.
Ethereum’s gains follow news of the network’s growth and increasing popularity. Earlier this week, the market saw ETH-based futures introduced to professional traders for the first time. Institutionsnow have the option to trade Ethereum derivatives on US-regulated exchange ErisX.
Theexchange is backed by broker and trading platform TD Ameritrade and governed by the Commodity Futures Trading Commission (CFTC). The futures themselves are settled physically, meaning ErisX will have to purchase ETH before trading it. Institutional players will now have more control in how they can buy or sell ETH and hedge their risks by betting on the future price of the asset.
Remember that day that stocks dumped and Bitcoin went up?
That was today. And yesterday.
They’re not correlated now, and they weren’t correlated before.
Thanks.
— The Wolf Of All Streets (@scottmelker) May 14, 2020