Ethereum price has surpassed the $1000 mark for the first time and is playing a major role in increasing the overall cryptocurrency market cap that also achieved a new all-time high of $770 billion on Thursday.
One of the major takeaways in the ethereum price surge is that the cryptocurrency’s price increase was in no way dependent on how other cryptocurrencies including bitcoin performed. While ethereum price increased, bitcoin posted a daily decline of approximately one per cent yesterday.
While bitcoin is trading above $15,300 at the moment, it did lose a little sheen yesterday. The recovery of bitcoin can partly be attributed to a report that prominent Silicon Valley venture capital firm had made a major bet on bitcoin.
The ethereum price made an impressive advance on Thursday, but ripple continued to consolidate its position as the second-largest cryptocurrency. Ethereum is now the third most valuable crypto by market cap. Thanks to Korean premiums, the global ethereum price rose to an all-time high of $1,045 as ETH briefly became the third cryptocurrency to achieve a market cap of $100 billion.
Unsurprisingly, the ripple and ethereum rallies lifted the altcoin market cap to a high-water mark. The combined value of altcoins peaked at $520 billion this morning — a mark it achieved just two days after reaching $400 billion for the first time.
Other altcoins posted single-day declines yesterday. Bitcoin cash plunged 13 per cent to $2,388. Cardano, on the other hand, leaped by 27 percent to raise its market cap to $32 billion. NEM and stellar also posted double-digit increases, rising 52 percent and 13 percent, respectively. Litecoin and IOTA, meanwhile, each declined for the second consecutive day, falling seven percent and four percent.