Flippening in sight? Ethereum up 5000% YTD, but bitcoin falls $400 in a day
Steadily stealing the spotlight from its senior bitcoin, ethereum crossed the USD 400 mark on Monday, as per the CoinDesk Price index.
Ethereum touched new highs shortly after bitcoin crossed USD 3,000 yesterday.
Ether, a blockchain-based asset which acts as a fuel operating the distributed application platform Ethereum, has appreciated over 5,000 percent since the start of the year and was faring at levels of USD 404, while this report was being filed.
Formation of the Enterprise Ethereum Alliance (EEA), bitcoins scaling debate, rise of initial coin offerings (ICOs) and the most recent, the meeting between ethereum founder Vitalik Buterin and Russian President Vladimir Putin were among the key events that led to the rally in ether. Putin meeting Vitalik, signals that Russia might be looking to use the blockchain, giving the ether token further legitimacy.
One of the major contributors to ether's rally has been South Korea lately. Since March, demand from Korea has seen a major uptick. Currently, over 50 percent of trades are done over the Korean Won (KRW).
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