It seems like every week there’s an announcement around a cryptocurrency breaking former records to establish a new all-time high. Shortly after the total market cap of digital currencies hitting the $60 billion mark, the two preeminent crypto currencies have once again shattered previous benchmarks to hit new highs with Bitcoin valued over $2,158 and at the time of writing.
Despite the recent overcapacity issues, Bitcoin just keeps on going, this time reaching and breaking through the much awaited $2000 mark. Currently sitting at $2,158, the price has grown 5% in the last 24 hours, with roughly $200 million exchanged in the USD/BTC market in the last 24 hours. The continued rally is due to the drop in traditional markets, the new Japanese law that recognizes Bitcoin as a payment system has caused the country to embrace Bitcoin, leading to a 20% premium on Japanese exchanges and to increased JPY volumes.
Ethereum Now Handles More Than 50% of Bitcoin’s Transaction Volumes
Ethereum’s transaction volumes have now reached around 161,000 a day. Transaction volumes on bitcoin, on the other hand, have sort of leveled. Yesterday it handled around 319,000, but it varies up and down due to its backlogs which might be forcing users to not transact. That means Ethereum is now handling more than 50% of bitcoin’s transaction volumes, transferring yesterday nearly $2 billion worth of value without any congestion or backlog as eth transactions usually confirm in seconds.