Ethereum Shoots Up As Bitcoin Drops Below 80% Market Dominance
Ethereum’s price has shot back up, bringing cryptocurrency’s market capitalization past $13 billion and bringing Bitcoin’s portion down below 80%
The price per Ether has risen to over $14 and its market cap from about $975 million to about $1.2 billion over the last week. Meanwhile, over the same time period Bitocin’s market cap fellfrom $10.5 billion to $10.28 billion, reducing its share of the global cryptocurrency market cap to below 80%.
Ethereum’s successful hard fork, Coinbase integration
The partial price and market cap recovery can be traced to Ethereum’s successful hard fork. The fork was agreed upon in response to the DAO hack, which resulted in the theft of a large amount of Ether. A proposed hard fork in the currency, isolating the stolen funds and rendering them without value, was readily agreed to by the Ethereum mining community and subsequently implemented, restoring confidence, and with it, value.
Additionally, cryptocurrency exchange/wallet provider/merchant solution Coinbase recentlyannounced Ethereum integration, solidifying the currency’s place as being respected by the cryptocurrency “establishment.”