Bitcoin is getting most of the attention these days with prices repeatedly hitting new all time highs (although today saw a slight correction). However, Bitcoin is getting beaten on one area. For the first time ever, Ethereum yesterday had more than 400,000 transactions, a record for any public blockchain, and around 40,000 higher than Bitcoin’s record day.
The high transaction volumes haven’t caused much movement in Ether prices though, which have been pretty stable at around $300 over the last week (yes, there have been swings of +- $20, but that’s within the usual volatility in crypto). In the past, Ether prices have usually been very tightly coupled to Bitcoin’s, almost immediately following its ups and downs. This time seems to be an exception, though, and there are a few possible reasons for this.
First, a lot of people want to be part of the Bitcoin rally we’ve seen over the last few days and are moving their Ether to exchanges to sell for Bitcoin. Second, the constant influx of new Ethereum-based ICOs is affecting the price, with people sending their ETH to these projects. Finally, on top of this, you have the usual market manipulation, known as “whale games,” with the big players keeping the prices down.