Even though most cryptocurrencies have seen meteoric rises throughout the year already, the fun isn’t over just yet. After strong gains yesterday, we’ve seen the Ethereum price move up yet again. With a value of US$714 per ETH, things are looking pretty interesting right now. It is evident the road to a market capitalization of US$75 billion is wide open for the world’s second-largest cryptocurrency.
Ethereum Price Just Keeps on Rising
For a lot of people, the year 2017 has been more than spectacular. Anyone who held any form of cryptocurrency at the beginning of the year and stuck with it will have made a healthy profit over the past 12 months. One of the currencies which certainly surpassed everyone’s expectations is none other than Ethereum. Thanks to strong gains all year, the Ethereum price has increased by over 8,000%. It is quite remarkable how far all of these currencies have come since January.
In the case of the Ethereum price, yesterday’s solid push toward US$600 was widely considered the final leg up for 2017. Lo and behold, expectations were shattered once again. There was some pushback after the Ethereum price surpassed US$650 earlier today, and it even dipped as low as US$600. This created a strong buy signal for most people, though, resulting in another massive price increase. At its peak, one ETH was valued at US$747.99.
As one would expect, this new all-time high prompted many holders to sell. A lot of people will look to buy back in cheaper, but it seems there is no real dump to speak of just yet. Traders did not succeed in pushing the Ethereum price below US$718 again, which means there is only a fractional difference between the all-time high and the price following the so-called dip.
Ethereum’s 24-hour trading volume is US$4.828 billion, which is pretty solid. In fact, a lot of altcoins would give an arm and a leg for that volume, even if it were just for one day. Anyone who assumed the cryptocurrency stampede was over already may want to check the charts. This momentum has resulted in a solid 15.5% gain against the dollar and a 18.9% gain on Bitcoin over the past 24 hours.
GDAX still dominates Ethereum trading, even though its lead over Bitfinex is a lot lower than what one would expect. Less than US$80 million in volume separates the two, which is next to nothing. Bithumb rounds out the top three exchanges, indicating the demand to convert fiat currencies to Ethereum has never been bigger. It’s also good to see Gemini among the top 10, as that exchange often flies under the radar for some reason.
At this rate, no one will be surprised if the Ethereum price moves up to a new all-time high in the next few hours and days. There is still so much bullish momentum in cryptocurrency that there is almost a guarantee that more fireworks will ensue at some point. Whether or not that will affect Ethereum or a different altcoin altogether remains to be determined. For now, it is best to sit back and enjoy the show, as this is pretty spectacular.