Things are progressing nicely in the world of Bitcoin and altcoins these days. While the Bitcoin price is still on the mend, most altcoins are solidifying their positions. Ethereum, for example, is looking to attain a US$100 billion market capitalization in the coming weeks. Moreover, the Ethereum price has increased to over US$977, which means that reaching US$1,000 may happen sooner than expected.
Ethereum Price is Close to Surpassing $1,000
We have seen a lot of fresh capital enter the cryptocurrency ecosystem throughout 2017. Although there has been a small correction affecting all currencies not that long ago, it seems most altcoins are unaffected by Bitcoin’s struggles. In fact, the Ethereum price is a good indicator of how things are evolving in the world of cryptocurrency these days.
We have already seen the Ethereum price surpass US$500 and US$750 in quick succession. When such growth occurs, a correction is almost always imminent. Surprisingly, Ethereum is pretty resilient in this regard, as its value has continued to rise. With an Ethereum price of US$977.75 at the time of writing, it is evident that one ETH may be worth more than US$1,000 in the near future.
Considering that ETH was worth under US$900 less than 24 hours ago, the current Ethereum price growth is nothing short of remarkable. There is a lot of bullish momentum in the world of cryptocurrencies these days, and it seems things will only intensify further. Very few currencies are overly attached to Bitcoin’s price momentum right now, even though they may take a hit against USD when BTC drops. In the case of Ethereum, we’ve seen a 10.59% gain against USD and a 12.9% gain against Bitcoin in the past 24 hours. That’s very impressive, although reaching US$1,000 will not be easy.
With over US$5.83 billion in 24-hour trading volume, Ethereum is more than capable of playing with the big boys. Although its volume is substantially lower than that of Bitcoin or XRP, it is still far more than what we were seeing a year ago. We are slowly growing accustomed to higher numbers in the cryptocurrency world, and the trading volume is no different in this regard. There is plenty of demand to both buy and sell Ether right now; that much no one can deny.
What is rather peculiar is how two of Binance’s trading markets are dominating Ethereum trading right now. More specifically, the platform’s ETH/BTC and TRX/ETH pairs are very popular indeed. Bitfinex, Ethfinex, and GDAX round out the top five markets. It’s good to see people diversifying their cryptocurrency portfolios, but we’ll also need a steady stream of fresh fiat currency to keep this momentum going. So far, things are looking pretty good as far as Ethereum is concerned.
Whether or not we will see an Ethereum price of US$1,000 by tonight is the big question. All signs point to a positive outcome, but we also need to keep in mind that Ethereum has gained a lot of value in the past 24 hours already. Eventually, there will be a moment of reprieve and a correction of some sort. The year 2018 is certainly off to a good start for all currencies that aren’t Bitcoin.