With all cryptocurrencies pumping extremely hard right now, money is flowing into people’s pockets faster than they can spend it. Even the Ethereum price is going up quickly right now, which is pretty interesting to see. With the ETH price now over US$600, a lot of early investors and holders have been rewarded for their patience. It is remarkable how much all currencies have appreciated this year, and there are still more than two weeks left to go.
Ethereum Sets a new All-time High
Over the past two weeks, Bitcoin has shattered records like never before. One thing few people were certain about was whether or not most alternative cryptocurrencies would follow a similar path. Given how all of these altcoins are dependent on the Bitcoin price, there is never any guarantee of success. In the case of the Ethereum price, however, there was seemingly nothing to worry about. In fact, things are looking even more bullish than they have throughout 2017.
With this remarkable growth, Ethereum has further solidified its position as the world’s second-largest cryptocurrency by market capitalization. This is the first time its cap has surpassed US$50 billion, and things are only just getting started, by the look of things. While the current Ethereum price of US$610 might seem high, it may very well appear minuscule when we look back on things a year from now.
Over the past week or so, the Ethereum price has noted spectacular growth. After struggling for momentum at the US$450 level, things picked up steam over the past 24 hours. Thanks to solid gains against both the US dollar and BTC, Ethereum has continued to surprise a lot of people. The same can be said for all other top 10 currencies. Everything in the world of cryptocurrency is blowing up as we speak, and it would have been strange to see Ethereum miss out on this run.
No Ethereum uptrend can be sustained without proper trading volume, and things are firing on all cylinders as we speak. More specifically, Ethereum has seen over US$4.43 billion worth of trading volume in the past 24 hours, which is a very large amount. It is not the first time we’ve seen the world’s second-largest cryptocurrency reach such high volume numbers, mind you, but it remains to be seen if any altcoins can maintain this momentum for more than a few hours.
As expected, there is a ton of fresh money pouring into cryptocurrency right now in general. This is also the case for Ethereum, as its top 3 markets by trading volume are denominated in Korean won and US dollars. Bithumb is clearly in the lead, yet GDAX and Bitfinex are very close on its heels. It’s a very interesting situation to keep an eye on in the coming hours and days. We’re also seeing 12 exchanges generating over US$100 million in 24-hour volume, which indicates ETH is in high demand all over the world.
How high the Ethereum price can go is anybody’s guess at this point in time. If the Litecoin bull run is any indication, the Ethereum price may very well hit $900 in the next two days. At the same time, cryptocurrency markets remain utterly unpredictable, and reversals are equally dramatic as any price increase. How things will play out remains to be determined, but the signs are pretty positive right now.