After a few difficult days, it seems the cryptocurrency markets are slowly going back to normal. More specifically, the Ethereum price has climbed back above $1,000 as of last night, after dipping all the way down to $799. A very remarkable bound back, even though all markets are still in a bearish state right now. Moreover, the Ethereum market cap has increased to over $100bn again, which is another positive development.
Ethereum Price Shows Strong Momentum
Although most people keep a close eye on what is happening to Bitcoin right now, it is evident the worthwhile altcoins recover a lot quicker. More specifically, it seems the Ethereum price is going up in value rather quickly, even though Bitcoin is still struggling to surpass $12,000 once again. It is good to see the Ethereum price back above $1,000 again, even while Bitcoin is still stuck. It is due time altcoins decouple themselves from Bitcoin’s price once and for all, but that is much easier said than done these days.
Even the Ethereum price took a bit hit over the past few days. With all cryptocurrency markets losing a lot of value, it was not entirely surprising to see the Ethereum price dip all the way to $799. Although that is an extremely low value for Ethereum, it was only a blip on the radar when looking at the bigger picture. The drop from $1,375 all the way to $799 is pretty steep, though, but the market is on the right track again as we speak.
More specifically, the Ethereum price quickly bounced back after this major dip. More specifically, it took a while to reach $850 again, but ever since that threshold, the price quickly surged to $1,000 and slightly beyond. At the time of writing, the Ethereum price hovers near the $1,050 mark, although it remains to be seen if this will become the new stable support level. After all, there is still a lot of bearish momentum across all cryptocurrency markets, and it will take some time before we can remotely consider reaching new all-time highs.
With $5.26bn in Ethereum trading volume over the past 24 hours, things are certainly looking good for this popular altcoin. It is good to see the trading volume slowly disperse again among the many different cryptocurrencies, even though Bitcoin will remain the largest market by volume for quite some to come. For now, there is plenty of demand to both buy and sell Ether, and if this volume keeps up, we may see the Ethereum price continue to move up for some to come.
With Binance becoming the largest Ethereum exchange by trading volume, an interesting situation unfolds in front of our eyes. Bitfinex is not too far behind, and GDAX and OKEx are also within the same $50m range. There It’s also worth noting OKEx is in the top twice, as both their BTC and USDT trading markets are growing very popular as we speak. Two fiat currency gateways in the top three indicate there’s some fresh capital entering the Ethereum ecosystem, which can only be considered to be a positive development.
For the time being, things are looking good for the Ethereum price. Do keep in mind the market volatility is far from over, and overall growth may not materialize in the first quarter of 2018. Cryptocurrency markets have always been incredibly unpredictable, which means gains and losses can occur when people least expect it. Whether or not the Ethereum price will reach $1,250 anytime soon, remains highly doubtful To do so, the altcoin will need to decouple from Bitcoin sooner rather than later, as the world’s leading cryptocurrency will not move up by much in the coming weeks.