Ethereum has once again broken above $200, but only just. It is currently sitting at $201, up four percent for the day.
The cryptocurrency platform experienced a sharp drop in price on August 14, falling eight percent in little over an hour. Since then it remained below $200 until today.
Ethereum is still on a long term decline against Bitcoin but it has recovered slightly in the last few days from a low of 0.017 BTC to 0.018 BTC. According to IntoTheBlock, the number of people trading Ethereum is now at its highest point since June 2019.
Besides Ethereum, the majority of the market is also experiencing significant gains. Bitcoin is up over two percent in the last 24 hours, while XRP, Bitcoin Cash and Litecoin are up more than one percent.
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Despite the positive price action, Ethereum co-founder Vitalik Buterin is more focused on the platform’s scaling issues. In an interview with The Toronto Star, he said it was high time for Ethereum to scale because its blockchain is “almost full.” While a blockchain can’t fill up in size, this refers to the challenge that people have downloading and running a full Ethereum node when the blockchain is so large.
For now, traders don’t seem to be too concerned.