Ethereum Makes Another Alltime High On Bittrex

The recent Bitcoin plunge scared the markets, but Ethereum has recovered from it's recent dip where it plunged from an alltime high of $217 last Wednesday to a low of $115 two days later. That is almost a 50% drop in price. Of course, smartmoney markets are well known for their volatility. Today, Ethereum reached an alltime high of $218 on Bittrex.

Some attribute Ethereum's rapid climb to its formation of the Ethereum Enterprise Alliance. As you can see from the screenshot below, there are quite a few business giants in the list; Intel, ING, Microsoft, UBS et al. More information including a video can be found at the Ethereum Enterprise Alliance website,

In addition, the South Koreans have been doing heavy buying of Ethereum. Here is a quote from Joseph Young's article in Cointelegraph, South Korea is Becoming Bitcoin and Ethereum Powerhouse:

South Korea is becoming a Bitcoin and Ethereum powerhouse in terms of trading volumes, liquidity and activity.

Over the past few months, South Korea’s three largest digital currency exchanges Bithumb, Korbit and Coinone have added support for Ethereum traders by integrating Ether. In a relatively short period of time, South Korea has become the largest Ethereum exchange market with a $335 mln daily trading volume and 38 percent market share.

In fact, the ETH/KRW pair processes more trades than the ETH/BTC pair, which used to account for over 50 percent of all Ethereum trading.

Furthermore, in his recent article for Cryptocoin News, titled Is China Waking up to Ethereum? Joseph Young wrote:

On May 27, Huobi, one of the three leading bitcoin exchanges in China alongside BTCC and OKCoin, officially integrated support for Ethereum trading. The Huobi development team announced that users will be able to trade Ethereum starting from May 31.

However, he went on to write:

Although Ethereum has been enjoying an exponential growth in Asian markets including Japan and South Korea, Ethereum is relatively unknown to the majority of Chinese cryptocurrency traders that have been investing in bitcoin and Litecoin. Cryptocurrency traders have only begun to take interest in Ethereum after the formation of the Enterprise Ethereum Alliance and the Ethereum Foundation’s visit to the country.

Finally, Ethereum would seem to have secured it's position as number 2 cryptocurrency with a market capitalization of $19 billion and beating its nearest rival Ripple by over 2 to1.