After hitting a low of $182 only a day earlier, Ethereum’s price rebounded over 50% and is currently trading at $267. Not only did Ethereum have the biggest raw percent gain in the past 24 hours, but it also has double the trade volume that Bitcoin has. There is currently a $10 billion difference in Bitcoin and Ethereum’s market caps, if these price gains continue Ether may challenge Bitcoin once again.
After Ethereum hit an all time high of $408 exactly a month ago on June 18th, the price has been toppling ever since. At its peak, Ethereum’s market cap was roughly at $35 billion, and was only $3 billion away from surpassing that of Bitcoin. Chances are that this battle will be revisited in the future.
Today the tables have turned as the crypto market’s jets started working again and every single cryptocurrency in the top 10 has gone up in price. Part of the reason that Ethereum’s price may be rising so fast is because the the Ethereum Alliance just added Mastercard to their group. According to their site:
The Enterprise Ethereum Alliance connects Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts. Together, we will learn from and build upon the only smart contract supporting blockchain currently running in real-world production – Ethereum – to define enterprise-grade software capable of handling the most complex, highly demanding applications at the speed of business.
The recent announcement stated that the group added more than 34 organizations including Mastercard, the Indian Government, Cisco, and much more. This brings the total membership to just over 150 organizations. The addition of such high quality corporations and groups may be the catalyst Ethereum needs to challenge Bitcoin and possibly take the lead in the crypto market.