Ethereum, the 2nd largest virtual currency in the market in terms of market cap has been on the wrong side of the bearish trend recently. Unlike some of the top cryptocurrencies, Ethereum has had a few setbacks recently with the mining rewards reaching an all time low due to increased average difficulty and a major drop in block transactions (94%) since last year.
However, according to recent reports by CoinmarketCap, Ethereum has now witnessed the highest day volume in over year.
According to the data, the amount of ether tokens that was traded over the last 24 hours has eclipsed the level that was reached last year in February. The trading volume heights of last February hadn’t been met since, until today.
CoinMarketCap put Ethereum’s daily trading volume at a yearly high of $5.4 billion. At press time, the value of one ether was placed at $148.81 whereas just a month back, the virtual currency was valued at around $122 and the trading volume was in the range of $2.3 billion. Ethereum also accounted for about 15% of the total market’s value over the past day.
This suggests a high, progressive rate of trading volume going forward for Ethereum as their price valuation has significantly increased since the beginning of 2019.
The Ethereum network also has their highly anticipated and much-delayed Constantinople hark fork around the corner. The block that was initially put forward for the hard fork was #7080000, but that was shutdown on the eve of the scheduled day.
Subscribe to AMBCrypto’s Newsletter
Binance CEO reveals BitTorrent [BTT] airdrop error; reassures users that ‘funds are SAFU’
Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.