Ether Price pushes above $1k mark- is it a new beginning?
Jan 05, 2018 Posted / 4693 Views
Most of the people are debating that the star of the year 2017 was Bitcoin. However, the largest and the oldest cryptocurrency a week ahead of Christmas started stalling and fluctuating thousands up and down. However, Ether (ETH) the native currency of Ethereum has come strong after consolidation. Ether may now be the third largest cryptocurrency by market value, nonetheless, it is soaring to new records Thursday. The price of ether (ETH) hit a new all-time high of $1,000 mark, and as of writing, it is trading at a record $1,038. The digital currency has surged by 9.20 percent in the just few hours (according to the statistics provided by various price indexes).
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It is noteworthy that the 24-hour trading volume stands at $7.08 billion, a high volume rally depicts strong hands are at play and the technical chart also indicates that it can further rally to $1,500 levels.
It’s hard to find a certain reason, which is causing this pop up in Ethereum prices. However, since some past weeks, investors have facilitated in pushing up the price of another rival cryptocurrency, Ripple, in part because more and more major banking organizations have decided to combine with the people behind the digital asset in a bid to swift up transactions, and growing investor interest.
Even if there is still much difference between the market capitalization of different cryptocurrencies, seeing that Bitcoin has the market cap of $258 Billion, still the silver and bronze cryptos are hurriedly inching that market cap gap, with Ripple’s market cap increasing by $49 billion and ether’s by $26 billion in just four days since 2017 drew to a close.
By and large, the crypto market has escalated from $17 billion to almost $770 billion in the past year. Based on the current figures for ripple and ether, society’s interest in cryptocurrencies apparently broadened beyond a single coin called Bitcoin.
As high number of people is contributing in cryptocurrencies, be it bitcoin, ether, or ripple, the likelihood that this new form of currency is here to stay increases. Governments and financial institutions are already warming to the idea. A future of faster, more secure financial transactions powered by crypto could be just on the horizon. As said by many analysts that all the alternative cryptocurrencies are having a healthy competition in the New Year as traders re-allocate and move from one hot asset to other.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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