With so many traders focusing on the Bitcoin price right now, it is an opportune time to look at how Ethereum is faring as of late. At the time of writing, the Ether price was still above US$14, despite Poloniex facing an extended outage yesterday. The USD trading volume keeps declining day over day, though.
Ethereum Price Remains On Course
Whenever one of the leading exchanging platforms for a cryptocurrency faces an outage the price is usually affected in a negative manner afterward. That doesn’t seem to be the case for Ethereum however, as the Poloniex outage did not rattle the Ether price by a significant margin. With the value still holding just above the US$14 mark, things are looking fairly good.
So far, the Bitcoin trading volume is doing a fairly good job, with just over 480,00 ETH changing hands in the past 24 hours. But things are looking a lot bleaker when we look at fiat currency trading markets. As volume across the USD, EUR, and CNY markets continues to go down every day it seems.
Albeit the USD trading market showed a small sign of recovery yesterday, the overall volume remains very low for the time being. Under 68,000 ETH was traded against the US Dollar yesterday, with only 42,000 the day before. This may be a sign of fewer people wanting to part with their coins, though, which can be seen as a positive indicator.
The Euro trading markets for Ethereum show very similar signs, as volume seems to be dropping a lot recently. Interestingly enough, Kraken is the only exchange where ETH/EUR trading is taking place. To put the downward trend into perspective, only 27,241 ETH was traded in the EUR segment yesterday.
China is often seen as the go-to exchange market for cryptocurrencies. Bitcoin is certainly seeing its fair share of success in that region. Ethereum, on the other hand, is not that popular just yet, as only 8,845 ETH was exchanged for CNY yesterday. A lot lower than most people would anticipate, and there is no clear indication as to why this is happening.
One thing to take into account is how The DAO crowdsale smashed all previous crowdfunding records and saw a substantial influx of ETH funds. Despite all of that, it is still possible to mine Ethereum, and the available supply continues to grow every day. Less trading volume also means less volatility on the markets, which may be a precursor a stable Ethereum price at some point in the future.
Source: CryptoCompare
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