Interesting things are happening to all cryptocurrency markets as of right now. Even though the overall trend is still rather bearish, there may be some relief in sight. If this current trend keeps up, the Ethereum price may be among the first to gain a competitive edge over Bitcoin and altcoins. The big question is whether or not such a trend is even feasible, and if so, for how long it will last.
ETHEREUM PRICE NEEDS A HEALTHY BOOST
Anyone who is looking at the Ethereum price rather closely will have noticed things are not going exactly as planned. More specifically, the Ethereum price has lost a great deal of value compared to late 2017. Right now, it is valued at just 30% of the value we saw back then, which is pretty worrisome for people looking for a quick buck.
In the world of cryptocurrency, short-term profits are often chased by speculators, yet hardly ever achieved in the end. This is especially true during the first quarter of 2018, as all cryptocurrencies have lost a ton of value in the past three months. It seems this trend will not necessarily reverse anytime soon, although there is a fair bit of market resilience to into account. This is also visible when looking at the Ethereum price as a whole.
More specifically, we see an Ethereum price which was still down by 0.46% in the past 24 hours. However, there is a 3.59% gain over Bitcoin in that same time period, which could hint at some interesting changes to come. If this trend keeps up, it is possible the Ethereum price may return to $400 again later this week. It is always difficult to guesstimate how these markets will evolve, but for the time being, it seems there is some positive momentum forming.
With the Ethereum trading volume also picking up the pace, things will get pretty interesting from here on out. Although $2 03bn in 24-hour trading volume is not necessarily all that spectacular, it is a lot higher compared to what we have seen on a regular basis in the past few weeks. It is good to see the demand for cryptocurrencies rise again, even though the overall volume is still far below what people would expect to see at this time.
As one would come to expect, there has to be one exchange leading the pack. In the case of Ethereum, it is a platform virtually no one has heard from as of right now. Known as Sistemkoin, it seems to generate over $755.87m in 24-hour trading volume. That is over 9 times as high as Bitfinex in second place, and almost 12 times as high as OKEx in third place. How this situation will evolve, is difficult to predict, as this new exchange is certainly shaking things up quite a bit.
Whether or not this is the moment during which all cryptocurrencies will finally bounce back, is unknown. We do see some positive momentum forming across a few currencies, even though Bitcoin still faces a lengthy uphill battle as of right now. For the Ethereum price, stability at this level would be far better than a jump to $400 or more before dropping again.