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Now that this week’s Bitcoin craze has finally calmed down a bit, most altcoins are mounting a strong comeback. The Ethereum price is certainly moving up nicely over these past 24 hours, thanks to a 6.49% gain in USD value. With the Ethereum price pushing back toward the $350 mark, the world’s biggest altcoin is slowly recouping some of the losses sustained earlier this week.
ETHEREUM PRICE HEADS BACK TOWARD $350
No one can deny the past month has been pretty interesting for Ethereum holders. There have been some good moments and a significant dip as well. More specifically, the Ethereum pricedipped to just below $200 less than a month ago. For a lot of people, this was a clear indication to stock up on some Ether as a way to make profits later on. The people who pursued this option will be quite pleased with how things have gone recently.
Ever since that big dip, the overall trend for Ethereum has been bullish. More specifically, the dip was followed by a rather quick bounce back to $258, indicating things would continue to head in the upward direction for some time to come. Right now, the Ethereum price is closing in on the $350 mark, further confirming the upward trend which has been forming for quite some time now.
Whether or not the Ethereum price will reach a new all-time high in the future, remains to be seen. If this trend keeps up, there is no reason to think Ethereum won’t be worth $400 or more before the year is over. Some people expect an Ethereum price of $1,000 in the near future, although that may be a stretch too far. After all, that would put the Ethereum market cap at over $95bn, making it surpass Bitcoin in the process.
Crypto Market Crosses $80 Billion As Ether, Bitcoin Prices Gain
The cryptocurrency market continued to rebound on Tuesday, crossing the $80 billion-mark after a weekend that saw steep declines across the asset class.
Overall, the market reached a high of $84.9 billion today, up nearly 40% from a low of $61 billion this weekend.
At press time, all of the top 30 cryptocurrencies had posted 24-hour gains, according to data provider Coinmarketcap.
After dropping to below $2,000 this weekend, the price of bitcoin is now trading above $2,300, while ether notably crossed $200 for the first time since July 14.
At press time, the total value of the market was down just over 25% from an all-time high of $115 billion set in mid-June.
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One thing keeping the Ethereum price momentum going is the trading volume. More specifically, there is over $869m in 24-hour trading volume for Ethereum right now, which is a lot higher compared to what we have seen over the past few weeks. It is always good to see the trading volume go up, a sit seems all markets are picking up the pace. Most altcoins are noting their highest volume in days, and Ethereum is no exception in this regard whatsoever.
The largest market for Ethereum trading is Bithumb right now. Bitfinex and Coinone complete the top three. It is good to see fiat currency markets dominate the trading volume in this regard, as the first ETH/BTC trading pair comes in fourth place. All other trading markets for Ethereum in the top 12 are fiat-currency related, which means people are either massively buying Ether with fiat or looking to cash out. Only time will tell how this market evolves moving forward.
For the time being, things are looking pretty good for the Ethereum price. Reaching $350 shouldn’t be too much of an issue for the time being, although markets will always evolve in the direction we least expect. With this strong trading volume in place, it is expected the Ethereum price will continue its march toward $400 for at least the rest of the day. An interesting trend to keep an eye on, that much is certain.