Ether, the cryptocurrency driving the Ethereum platform, continues to dominate trading markets completing a 100% week-on-week rise, the affects of which are being felt across the cryptocurrency sphere.
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Extraordinary trading volumes were the prime facilitator of Ether’s rise in value, which topped 40% in just 24 hours between February 9 and 10. Over $26.1 million USD was handled in the same period, roughly a third of Bitcoin’s daily trading volume. The events also caused a modest Bitcoin trading spike, while the latter’s price continued to settle around $375 USD per coin.
The past week has seen fervent activity for the Ethereum project’s fledgling currency, Vitalik Buterin tweeting his apparent surprise at the rise in trade volumes as early as February 6, prior to the most recent scramble to secure ETH on a large scale.
Whether the increases will be sustained is a matter of speculation, yet punters are already considering the possibility of an end to the gold rush.
“…[I]t’s not certain that the network would really benefit from a strong Ether if its purpose is to become a utility and not a storage of wealth,” Finance Magnates’ Avi Mizrahi wrote in an