As Bitcoin soars, Ethereum's market value quietly exceeds $1.5 billion

The recent crazy rise of Bitcoin has almost made people forget about another cryptocurrency, Ethereum. Ethereum has also done very well in the past period of time. Unlike most altcoins, the price of Ethereum does not seem to be closely related to the price of Bitcoin. The market capitalization of both cryptocurrencies has reached an impressive level. The price of a single ether has exceeded $19, and the market capitalization of the entire Ethereum has exceeded $1.5 billion for the first time.

Ethereum is proving itself to be one of the most resilient cryptocurrencies after Bitcoin. Other altcoins, such as Litecoin, usually suffer a depreciation when Bitcoin rises. However, this time the situation is a bit special, though, Litecoin's price has slightly declined.

Ethereum market value rises sharply

According to statistics from the altcoin exchange Poloniex, as the price of Bitcoin rises, the prices of almost all altcoins also rise. In particular, Ethereum has seen a significant increase, and the price of a single ether has now exceeded $19. In addition, the market value of Ethereum has exceeded $1.5 billion for the first time.

Similar to Bitcoin, Ethereum’s market cap has increased by nearly 35% over the past few days. Bitcoin has also seen incredible growth, and both cryptocurrencies have plenty of room to grow. Breaking through $1.5 billion in market cap is a significant milestone for Ethereum, which has shown continued signs of increasing in value since it began to be traded on exchanges.

Trading volume is an important factor that affects the rise or fall of cryptocurrency prices. Ethereum's trading volume exceeded $52 million in the past 24 hours. It seems that traders and investors are beginning to see the value of various cryptocurrencies, including Bitcoin and Ethereum.

The surge in Ethereum's market value comes at a time when several Australian exchanges have added Ethereum as a trading option, as well as the great success of the Ethereum-based project The DAO. That being said, Ethereum's market value of over $1.5 billion this time is likely riding on the momentum of Bitcoin. However, it is important to remind you that this does not mean that Ether has no value.

It is positive to see multiple cryptocurrencies doing well at the same time. Ethereum and Bitcoin are not competing with each other. They can coexist peacefully. It is normal for Bitcoin and Ethereum to develop very well at the same time. It will be interesting to see whether this trend can continue.