Ethereum is in an uptrend across all the main exchanges once again. After facing a lot of scrutiny over what happened to The DAO, it seems things have calmed down a bit. What happened to the biggest crowdfunding project in history is unfortunate, but it does not necessarily reduce their trust people have put in Ethereum. As a result, the price is rising again, while Bitcoin continues its sideways action.
Bullish Ethereum Price Crawls Upward
After a few days of downward pressure on the Ethereum markets, it looks like things are heading in the upward direction once again. With a price gain of over 41% in the past 24 hours, it is evident for everyone to see there is still a lot of confidence in the protocol. Trading volume seems to be picking up nicely as well.
A strong Bitcoin market is pushing the Ethereum trading volume back in the right direction for the time being. Although there is still far less volume compared to June 17 and 18, today could prove to be an exceptionally good day. With nearly 2.5m ETH volume for today, it is likely we will surpass yesterday’s volume of 4,154m.
To put these numbers into perspective, there has been a 24-hour trading volume of over 6 million Ether across the global Bitcoin trading pairs. The USD market remains firm in second place, with just under 845,000 ETH in volume. EUR Traders are in third place with 304,000 ETH, which is more than twice what CNY trading is bringing in.
It is good to see Bitfinex getting involved in the Ethereum trading action as well. After the platform suffered from some serious issues in the past 36 hours, they have become the leading USD trading platform for Ethereum once again. Nearly 50$ of all US Dollar trading goes through this platform, followed by Kraken [22.9%] and Poloniex [9.61%].
All of this translates to the price per ETH increasing in USD value as well. A few days ago, ETH was entering the US$11 price point, but now, it is back up to US$15.66. It is possible a lot of Bitcoin traders are switching to Ethereum for the time being, in the hopes of making good profits there. If the Bitcoin price starts to pick up again, these volumes may shift back around, though.
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