Cryptocurrencies seem to be recuperating at the moment and all of them are steadily climbing up. Fortunately, Ethereum seems to have been bolstered by this recent boom as well and is well on target to reach a total of $700 this week minimum. Yet, despite Ethereum and other Cryptocurrencies being set to rise, the fact of the matter is that there is a general sense of dissatisfaction over the length of time it is taking these Cryptocurrencies to stabilize.
Ethereum, in particular, has been a straggler with price climbing when compared to other Cryptocurrencies and the reason for this as yet remains unclear. However, many are just too thankful for the overall turnaround of Ethereum and other Cryptocurrencies, especially due to the dynamic nature of the market.
Why Many Are Looking Up
The value of Ethereum recently sank below $400 and has now managed to haul itself right back up to $681.65, and the fact that it was able to pull itself back within a matter of a week is very encouraging news for many investors. We can rest assured that many people are breathing a whole lot easier right now.
If we focus in on only the past 24 hours we can see even more cause for celebrations, Ethereum experienced a total of a 6.99% rise in only the previous 24 hours and when compared to the market favourite Bitcoin who only managed to gain 3.07% in the last 24 hours it becomes clear that Ethereum is set to pave new ground.
There are many other Cryptocurrencies out there that are using the recent slump in market activity to highlight their offerings in contrast to Bitcoin, which could be facing stiff competition one of these days.
The Trading Volume Has Spiked As Well
Yet another reason for Ethereum traders to crack a smile this morning is the knowledge that Ethereum trading volume has exponentially increased as well. The results are back for yesterday and it shows that a grand total of $2.7 billion of Ether was traded.
When comparing the amount traded yesterday to records for previous days in this past week, it shows that Ether trading volume is rising and gaining more traction unilaterally. The $2.7 billion in Ether also had positive ramifications for the rest of the cryptocurrencies as the total trading volume is steadily moving towards achieving the goal of $30 billion in trading volume once again.
When taking a holistic view of the Cryptocurrencies the scene still seems to be dominated by Bitfinex, with Bitfinex having a small margin over other leaders such as OKex’s USDT. Although many analysts are currently puzzled by the fact that the South Korean exchanges are exempt from the top five exchanges in the world at the moment.
However, while many will surely be celebrating the rise of Ethereum and it’s almost certain to jump to $700 in net worth by the end of the week, the question remains as to how it will maintain its position. And the even greater question facing many Cryptocurrencies now is what exactly is on the cards for them?