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Ethereum price (ETH/USD) breaks through $900 following Casper testnet release

on Jan 2, 2018
Updated: Oct 11, 2019
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The Ethereum price (ETH/USD) broken through the $900 barrier for the first time in history following a sharp increase in the early hours of today’s trading.

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According to data from Coinmarketcap, at roughly 02:25 GMT on Tuesday, the third-largest cryptocurrency on the market hit an all-time high of $914.82. The price has since retreated to lower levels, but it currently seems to have stabilised around $880, up more than $100 from its Monday close.

Meanwhile, Ethereum’s 24-hour trading volume stands at near record highs of just over $5 billion. The Shanghai-based cryptocurrency exchange Binance captures around 14% of that volume between multiple trading pairs, including ETH/BTC and ETH/USDT. Coinbene comes in second with 11%, while South Korea’s leading exchange, Bithumb, accounts for 6.2% of the volume.

The Coinmarketcap data shows that Ethereum prices have soared to over $1,000 in South Korea. Including Coinone and Korbit, the three largest virtual coin exchanges in the country account for around 10% of the global market activity.

The current rally is likely driven by the recent release of a testnet, based on the Friendly Finality Gadget (FFG) version of the planned Casper update to the Ethereum network. When it’s officially released, Casper FFG will manage Ethereum’s shift from a Proof of Work system to a Proof of Stake one. The second part of the update, known as Casper CbC (Correct by Construction), will be used to manage Ethereum’s consensus process after Casper FFG has been implemented.

In today’s trading, the Ethereum price stood at $883.29, as of $11:13 GMT. The cryptocurrency has gained 15.2% in the past 24 hours.

For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.

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