Ethereum has had a turbulent week as the price has shot up over the 0.006 BTC per Ether on strong volume pushing 35,000 BTC in a 24 hr period – twice. This has led to some quarters naming the price move as pump and dump, but is there something more fundamental taking place?
News flow has always been the catalyst behind the bitcoin price surges and plunges – and Ethereum is and will be no exception to this rule. Although there hasn’t been huge news generated to spur on this price hike – so where is the price push coming from that managed to push Ethereum into the second spot in term of Market Cap in the Crypto world.
The volumes though have been astounding at over 35,000 BTC in the ETH-BTC pair. To give you an idea of size – Bitcoin to USD was about 80,000 BTC on the same days.
This has also been true with the Fiat to Ethereum Pairs and particularly true of the Renminbi to Ethereum trading route.
The social data also tells its own story, and although not acting as a leading indicator, it does give an idea to the growing state of the community.
For example the number of Reddit Subscribers is increasing dramatically and shifting gear.
The same can be said of the number of active reddit users.
And of the number of Reddit posts per hour.
This all indicates a strengthening and growing community perhaps reminiscent of the early days of bitcoin.
Mining Data has also shown a spike in the hashing power reaching a new record at just over 650 GH. Although this peak is coming off somewhat.
With Homestead 80% complete and moves coming from Consensys and all the other spin out Ethereum groups, a fair few crypto insiders are building positions and the word is spreading about this exciting generation 2 Crypto Currency. Half price pump, half justified.