Ethereum is back above $US200 an ether, trading up 5.29% following a Bloomberg report suggesting bitcoin’s civil war may be coming to an end. A decision on whether or not bitcoin will be split is due on August 1.
Tuesday’s gains mark a second straight advance for the bewildered cryptocurrency, which had fallen as much as 65% from its record high of $US395 set on June 13. Over the weekend, Ethereum crashed 25% amid ongoing concerns of a cryptocurrency bubble and a rise in popularity of Initial Coin Offerings.
Investors have also had to stomach a flash crash that saw Ethereum’s value tumbled from $US295 to $US0.10 in a matter of minutes before quickly recouping those losses.
Ethereum has seen a meteoric rise in the cryptocurrency universe. At the beginning of the year, it made up just 5% of the market, but that number had swelled to 30% by June 22.
Ethereum is up more than 2,100% in 2017.
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