Cryptocurrency enthusiasts will be keeping a very close eye on the Bitcoin and Ethereum prices right now. Both currencies are starting to pick up the pace again, after a day of mostly sideways action. With a 5.26 and 6.46% gain respectively, things are looking exquisite right now. But will this trend continue over the next few days?
Soaring Values Are Cause For Excitement
The past few weeks have been kind of interesting for cryptocurrency enthusiasts around the world. With mounting trading volumes and the price for both Bitcoin and Ethereum shooting up, things are looking quite good. After such a rather dreary day yesterday, it’s nice to see some price action again, especially when it is in the upward direction.
Looking at the Bitcoin price, there have been some significant gains over the past 24 hours. WorldCoinIndex statistics show a 5.13% value increase over the past 24 hours, putting Bitcoin at a S$11.43bn market cap. This is quite an uptrend compared to the US$10bn we passed only a few days ago. Although the Bitcoin price touched upon US$736.875 for a brief moment, a slight retrace is visible on the charts at the time of writing. That said, prices are still well above the US$725 mark.
Ethereum has been seeing very similar results, with a 6.49% price increase in the past day. With a market cap of US$1.57bn, not too much has changed there, but the growth cannot be ignored either. One Ether is worth US$19.7 at the time of writing, and it is possible we will see US$20 later today or tomorrow.
The trading volumes for both of these cryptocurrencies are quite impressive as well. Bitcoin saw a US$1.65bn volume in the past 24 hours, compared to US$21.8m for Ethereum. One-eightieth of the trading volume for a currency that has slightly over one-eighth of the Bitcoin market cap seems to indicate there is very little correlation between Bitcoin and Ethereum, though.
It’s hard to predict whether or not this trend will continue over the next few days, though. Volume and price gains have been unyielding in recent weeks, yet trends like these will not go on indefinitely. Caution is always advised when trading Bitcoin and Ethereum, but so far, things are looking relatively positive.
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