The momentum across all cryptocurrency markets has seen many ups and downs over the past ten days. That situation will not come to change anytime soon, even though the current trend is seemingly rather positive. If the Ethereum price is any indication, things may effectively pick up steam from here on out.
Ethereum Price Rise Materializes
Over the past 24 hours, there has been a small Ethereum price increase investors will have taken notice of. More specifically, it seems the market has seen a small influx of fresh capital, resulting in a slightly higher trading volume and an Ethereum price which now sits above $ 600 once again.
On paper, a 2.25% price increase is nothing to get overly excited about whatsoever. Given the cryptocurrency price momentum users have witnessed throughout the second half of 2017, this latest trend is rather unspectacular first and foremost. Even so, the Ethereum price is slowly rising again after a very rough start to the year 2018. There’s still a lot of work to be done prior to a new Ethereum price all-time high.
It is also interesting to note how this Ethereum price increase has materialized despite a decline in the ETH/BTC ratio. Both of such trends are not mutually exclusive by any means, but it is evident a lot of exciting things are happening in the world of cryptocurrency as of right now. If Ethereum can increase its ratio over Bitcoin, future price gains loom on the horizon.
With $ 1.744bn in 24-hour trading volume, the Ethereum market appears to pick up the pace once again after a few weeks of lower trading volume. Although Ethereum has always been a very liquid market first and foremost, it seems there is renewed interest in trading this particular cryptocurrency as of right now.
As one would come to expect, OKEx is still the biggest market for Ethereum trading at this stage. Binance is not all that far behind, and Bitfinex is also in the top three. Huobi and GDAX complete the top five, which means there are five individual exchanges in the top five for the first time in a while. There are also two fiat currency pairs in this top five, which is rather interesting to take note of.
For the time being, it seems the Ethereum price will remain above $ 600 for some time to come. Given the unpredictable momentum across all cryptocurrency markets this year, it is possible the momentum will turn around at any given time. With a small nudge in the ETH/BTC ratio on the horizon, interesting things are bound to happen sooner or later.