The price of ether, the native digital asset on the Ethereum blockchain, neared $20 for the first time ever on 14th June, approaching the milestone as it appeared to break out of its old trading patterns.
In recent weeks, market observers asserted that ether had been displaying a negative correlation, with the older, more established digital currency bitcoin. However, the two currencies failed to exhibit this relationship during today’s session, as ether saw price growth that happened in spite of declines in the price of bitcoin.
Ether’s price fluctuations also notably took place amid generous trading volume, as 24-hour transaction activity reached $62.7m at one point during the day, coming close to the record daily high of $65.3m reached in March, CoinMarketCap figures reveal.
Ether surged to $18.95 during the session, reaching a new all-time high, data from leading Ethereum exchange Poloniex reveals. This daily peak, reached at 04:45 UTC, was roughly 10% higher than the session’s opening price of $17.25. Ether hit this level amid a 24-hour volume of $45.5m, according to CoinMarketCap data.
But, when ether reached its new high of $18.95, bitcoin was trading at $692.80,