The past few weeks have been incredibly interesting for all cryptocurrencies. While most people talk about the Bitcoin price, no one should overlook Ethereum. It is only a matter of time until we see an Ethereum price of US$500, which will put it on target to set a new all-time high in the coming days and weeks.
Ethereum Price Approaches $500 Again
Like most other cryptocurrencies, Ethereum has had a very good run throughout 2017. All cryptos which are worth paying attention to have seen gains over the past few months. In the case of Ethereum, all of the network issues, ICOs, and a few thefts and smart contract issues have not diminished its value all that much. In fact, we have seen the Ethereum price rise from under US$10 all the way to the all-time high of US$519 in just over ten months.
Over the past few months, things have been relatively stable despite the long-term uptrend. In most cases, an uptrend will lead to a massive correction shortly afterward. That hasn’t been the case here, although the Ethereum price dropped from US$519 all the way to US$414 in short order. However, that occurred after a price increase from US$300 to US$519, and it was somewhat to be expected that people would take their profit and wait for a new buying opportunity.
We have seen a solid increase in Ethereum’s value despite Bitcoin going on a massive bull run no one truly expected. With the Ethereum price now approaching US$500 again, it will be interesting to see whether a new all-time high can be set. We’ve already seen an 11% gain against both USD and Bitcoin over the past 24 hours, although the markets have cooled as of late. Altcoins are not done for the year just yet; that much is evident.
Thanks to nearly US$2.3 billion in 24-hour trading volume, there is no denying the demand for Ethereum is very real right now. Although there are still some ICOs on the network, it seems that initial hype has quieted down. That’s to say nothing of the CryptoKitties debacle, which crippled the network due to the latter’s lack of proper scaling. These issues will be addressed through future forks and general upgrades, though.
GDAX is the leading Ethereum marketplace right now, thanks to its USD market. It is well ahead of OKEX and Poloniex, both of which trade ETH against BTC. There is some fresh capital coming into the cryptocurrency world right now, although there are plenty of people moving their Bitcoin profits back into altcoins. A healthy mix of both revenue streams will further increase the Ethereum price over time.
Things are looking pretty good for Ethereum right now. We may see another Ethereum price all-time high before the end of the year, but it will mainly depend on how the Bitcoin futures products affect all cryptocurrencies in the coming weeks. There are some conflicting opinions in this regard, as these new investment vehicles may either push the markets up or send Bitcoin back to below US$10,000. No one knows what the future holds, which means taking profits is the best course of action regardless of which cryptocurrency one is holding.