Things are looking pretty good for all cryptocurrencies. Even though Bitcoin is struggling to break the US$20,000 resistance, all altcoins are starting to hit their stride. In the case of the Ethereum price, we will most likely see a new all-time high set within the next 24 hours. With the Ethereum price now holding its own above US$735, surpassing the current ATH of US$744 shouldn’t be overly difficult.
It is evident the cryptocurrency markets are dictated and dominated by Bitcoin in every possible way. If the Bitcoin price were to crash, all other currencies would suffer. Right now, the sideways trading momentum of Bitcoin is doing the Ethereum price an indirect favor. The world’s second-largest cryptocurrency by market cap has noted a small gain against the dollar and a rather large gain against Bitcoin itself over the past 24 hours.
To be more specific, the Ethereum price has increased to US$739, which represents a 2.82% gain on the dollar. That’s not bad at all, considering Bitcoin is still trading at nearly US$19,000 right now. Moreover, its 6.79% gain against Bitcoin pushed the Ethereum price back toward the 0.04 BTC range. Whether or not it can actually get there and stay there remains to be seen, though. For now, it seems we can expect another bullish Ethereum run in the next few hours, although Bitcoin may spoil that party rather quickly.
Nevertheless, it is good to see the Ethereum price approach its previous all-time high. A lot of people have been waiting to see Ethereum hit US$1,000 this year, yet time is slowly running out. Although the altcoin is already 70% of the way there, it’s always the last stretch which is the hardest. That said, Ethereum’s push toward the four-digit mark may happen a lot sooner than people anticipate.
With over US$2.32 billion in 24-hour trading volume, things are looking pretty good for Ethereum. It is possible we will see its volume increase a bit over the past few hours, as a lot of people are diversifying their Bitcoin holdings into various altcoins. That is the best course of action at this stage, as Bitcoin isn’t the only cryptocurrency worth keeping an eye on. Ethereum is just one of the many options in this regard.
When it comes to 24-hour trading volume, Bitfinex is currently Ethereum’s leading platform, which is somewhat surprising. Its lead over Binance is quite large, although it’s nothing that can’t be overcome. GDAX and Bithumb are duking it out for third place, with just US$3.8 million separating these two exchanges. It will be interesting to see how all of this plays out in the long run. Three fiat currency markets among the top four is a pretty bullish sign.
In the end, we may very well see some major fireworks in the cryptocurrency world before the year is over. Bitcoin has stolen most of the headlines, but there are plenty of altcoins which are still undervalued at this point. Ethereum has surpassed people’s wildest expectations in this regard, but there’s still some gas left in the tank. Whether or not we will see a new all-time high set this week remains anyone’s guess.
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