Ethereum price (ETH/USD) hits two-month high as crypto market size surpasses $165bn

The Ethereum price (ETH/USD) has seen a significant increase over the past 24 hours, allowing it to reach its highest level in over two months.

Earlier today, the second-largest cryptocurrency on the market touched $388.75, its highest level since June 14, before pulling back slightly. At that level, the price was around $23 short of the digital currency’s all-time high of $411, reached on June 13.

As with several other digital currencies, including Ripple (XRP), Litecoin (LTC) and Monero (XMR), Ethereum’s price rally seems to be partly fuelled by growing demand in South Korea. At the time of writing Ethereum’s 24-hour trading volume stands at $1.47 billion, with South Korean cryptocurrency exchange Bithumb accounting for just over 16% of global market activity. This is followed by China’s OKCoin and another South Korean exchange, Coinone, with 10% and 7.5%, respectively.

In today’s trading, the Ethereum price stood at $382.13, as of 08:27 BST. According to data from Coinmarketcap, the digital currency has gained 8.3% over the past 24 hours. It currently has a total market capitalisation of just over $36 billion.

The total cryptocurrency market capitalisation is currently at nearly $166 billion, after briefly surpassing $167 billion earlier today. Ethereum accounts for about 22% of the total value, while the market leader Bitcoin (BTC) commands a 45.7% share.