Ethereum Market Report: Soars 178% in 29 Days

Ethereum

Ethereum Soars 178% in 29 days
Ether is up 178% on the month and 24% on the week.

Bittrex exchange: events clear as a bell
@BittrexExchange’s monthly chart clearly shows the low monthly start price, the mid month rally, several profit taking bonanzas, and a renewed rising price trend with somewhat mixed direction in the last days of the month:

Ethereum
Image courtesy @BittrexExchange

Snapshot in time: ethereumWisdom.com
Ethereum
Data courtesy EthereumWisdom, February 29 2016 10:30 UTC-8

@BraveNewCoin 30 days ETH price & volume
Ethereum
Image courtesy @BraveNewCoin

@BraveNewCoin February ETH data summary
Ethereum
Image courtesy @BraveNewCoin

Ether is up 178% on the month and 24% on the week.
The market capitalization is closing in on half a billion $US dollars. Over 77 million ether have been mined.

Today’s estimated price range (so far)
Low: $6.10
High: $6.60
0.56 cents per ether
+ 9%
Weekly price range
Low: Monday February 22 $5.37
High: Thursday February 25 $6.68
$ 1.31 per ether
+ 24%
Monthly price range
Open $ 2.29 Close ~ $6.37 Change + $4.08
High $ 6.58 Low $ 2.29
+ $4.08 per ether
+ 178%

If you had purchased ether at the beginning of the month you would have seen an overall asset valuation increase of about + $4.08 per ether, which is a 178% increase over the opening monthly price of about $ 2.29.

Release announcement expected to bouy price
Ethereum

Image courtesy @ethereumproject. L-R: Vitalik Buterin, Jeffrey Wilcke, Gavin Would

The most significant ETHEREUM news in February 2016 – apart from a monthly increase of 178% in the market price – is today’s announcement of the imminent release of “Homestead”. This is the second ethereum platform version, the first being “Frontier” which was released on July 30 2015. The planned Homestead release includes “several protocol changes and a networking change that gives the ability to do further network upgrades”. For more on the Homestead Release written by Jeffrey Wilcke browse: https://blog.ethereum.org/2016/02/29/homestead-release/

Effect of Homestead release on ether price & volume?
The anticipated market response to the second carefully orchestrated – and apparently well documented – Ethereum release? In a word: “positive”. The announcement itself buoyed the average market index price, according to @braveNewCoin average market index volume weighted figures – and the day is yet young.

It remains to be seen if the increase we have seen is already absorbing the actual Homestead release, expected in early March. Or will the actual release send prices higher as well?

The ETH volume is a bit of a pickle. While the volume in the last week has been falling, the price has been rising. One constraint from seeing higher volumes is the lack of exchanges carrying ether. If more exchanges traded ether then we’d see higher volumes and market capitalization.

Poloniex exchange: February 2016
Ethereum
Data courtesy @Poloniex

According to ethereumwisdom.com Poloniex appears to trade more than half of all ether, and most of it in ETHBTC. The Poloniex chart shows the February 12 2016 all time high of 0.01780000 $ETHBTC was met on a volume of about 45,394 ether. This contrasts to the month opening volume of about 4,454 ether.

Gatecoin exchange: February
Ethereum

Data courtesy @Gatecoin

The @Gatecoin February chart shows the start of the month as plateau like trading, broken by a sharp rally to the all time high price. A series of sell offs ensued, however this did not deter the price from recovery, and it climbed once again to end the month not far from the all time high.
Bitcoin block size gripes help ether?
Some observers credit the ether price bouyancy in part to the bitter, drawn out wrangling over the bitcoin block size. There is no question that for some this debate has dragged on ad nauseum.

The recent consensus was immediately met with discord on the part of Brian Armstrong, CEO for @coinbase. Currently bitcoinity.org ranks @coinbase number eight overall on the world Top Ten exchange list, on a BTC monthly volume of 228k. This represents just 0.36% total world marketshare. The zero is not a typo. For more on @coinbase please refer to our “Bitcoin Market Report: What’s the News?” found only on @allcoinsnews.

Unexpected altcoin behavior?
As far as ether is concerned, the price surge in bitcoin because of the block size consensus didn’t draw down ether which for the most part kept climbing. This is said by market observers to be unusual behavior for an alt coin. The troll box and social media quips typically forecast a falling altcoin price on a rising bitcoin price, and vice a versa. Throw that theory out the window – ether is is up 148% on the month.

Ether last price
@KittyBitcoin started capturing ether data this week. Here are the lastest @gatecoin numbers at the time of writing:
Ethereum
Image courtesy @KittyBitcoin

Known factors affecting future ether price
There are a number of factors influencing the future direction of ether prices:

  • imminent release of Homestead
  • growing number of decentralized applications (DAPs) built with Ethereum
  • likely expansion of number of exchanges trading ether
  • growing public awareness of Ethereum
  • the fundamentally superior Ethereum application capability, contrasted with bitcoin
  • remaining discontent in the bitcoin block size wars
  • substantively decreased volatility in the BTC market, compared to BTC history and altcoins
  • even more NEW! Ethereum features planned for March
  • more bitcoin traders buying and selling ether

Summary
Ether is up 178% on the month – and 24% on the week.

About @KittyBitcoin
KittyBitcoin
@KittyBitcoin supplies mobile friendly blockchain intelligence on their website
http://kittybitcoin.com. Their favorite color is pink and the bigger the wool ball the better.

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