The total market capitalisation of the Ethereum token is approaching $5 billion, the highest mark in the history of ether.
At press time, ETH exchange rate stays above $46. Within 24 hours, the cryptocurrency has added 11.85% in price. According to CoinMarketCap, its market cap has surpassed $4.246 billion with nearly 90 million tokens in circulation.
The drastic almost twofold rise of ether price took place over the last week. On 8 March, ETH was trading at $17.59, while by 13 March the token jumped to nearly $30, and on 16 March it surpassed the $40 level. Traders encouraged by the surge have intensified their activity, and by now the 24-hours ether trading volume exceeds $548 million.
Experts see several factors behind the sudden growth of ether. The most important are the negative SEC’s decision on the Winklevoss Bitcoin ETF and recently revived concerns in the bitcoin community about scaling issues.
Whatever these factors are, a rapid growth of price has happened to other altcoins as well. Within the last seven days, Dash added more than 50% and is now trading at $86. Since the beginning of 2017, the price of the cryptocurrency has increased more than 8 times.
In the same week, Monero added 50%, from $13 on 9 March to $21 today.
Due to the overall growth of altcoin market capitalisation, bitcoin seems to start losing its dominant position on the market. It is still number one as the highest priced cryptocurrency with the biggest cap, but its market share has decreased to 73.3%.