The current bull run on the crypto market is reflecting on many major cryptocurrencies, and Ethereum is no exception. Trading of Ethereum witnessed a record high of $900 million.
For the past four months, ETH has steadily increased, doubling from a low of just over $ 100 in February to its current price. It stopped at about $ 170 for April’s best part, however, as Bitcoin roared away with all the gains, raising its dominance to a high of 60 percent for 17 months.
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Ethereum has been on the rise just as Bitcoin has so far risen to up to $ 270 before the current stagnation of the market. While a bull market is highly anticipated, especially for Bitcoin, the new trading growth achieved by Ethereum may indicate that it can be closer than expected.
The Coinbase weekly trading volume was the highest since 2017. From May 13-19 a total of 3,675,570 ETH units were traded on the two most popular ETH markets, which has a notional value of over $ 918 million at today’s market prices. At mid-December 2017, the most significant total of these units was a week.
When this upward trend ends, a disintegration normally occurs, and it is likely that it is on the upside with regard to the longer-term trend. However, the larger picture shows ETH at the top of the rising coin indicating strong strength at this level.
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On a different end of the market, Matic Network, an Ethereum Scale Blockchain project, grew to 76% at a rate of $0.032 every day.
