Second, only to Bitcoin in terms of market cap as well as popularity, Ethereum is one of the biggest names in the cryptocurrency markets. The Ethereum platform and currency has been around for quite some time now – and has impressed the markets over the years. Ethereum peaked early this year when the currency hit an all-time high of over $1400. However, it has since been a rough ride for the currency.
Ethereum prices have been going through a rollercoaster of a price fluctuation over the past few months. However, it would be wrong to pinpoint just ETH as the entire cryptocurrency markets have been going through a very mercurial phase with prices falling to new lows month after month. Let us take a closer look at how Ethereum has performed in these turbulent times over the past week and over the past 24 hours.
Over the past 24 hours, Ethereum investors have finally seen that one big green candlestick that they were looking for. Ethereum began the day at a price of $367 and closed the day at a high of $381 – a rise of 3% over the day. The prices took a sudden spike from $369 to $381 in a matter of minutes.
A week-long analysis of Ethereum price tells us that the currency has recorded a loss. The week started at a price of $393 and closed at $381 for the currency. In the span of these past seven days, Ethereum price reached a high of $418 but was unable to sustain the spike.
Ethereum’s market cap began the day at $36.2 Billion and managed to close the day at $37.5 Billion – a growth of $1.3 Billion in a day. In the week-long period, Ethereum’s market cap started off at $38.7 Billion, peaked at $41.3 Billion but closed the week at $37.5 Billion – a loss of $1.2 Billion over the week. Nevertheless, recent trends of growth appear exciting – and hopefully Ethereum would continue to ride this momentum.
Ethereum continues to be one of the most trusted names in the markets. With the currency witnessing that sudden spike in the prices later yesterday, it is expected that this is the beginning of a bull-run and other market bulls will soon be attracted towards Ethereum, helping its price rise even higher and slowly helping Ethereum investors recover the recent losses.
Despite these roller-coaster months, Ethereum has managed to hold its position as the second largest player in the markets. For a brief period of time, Ripple overtook this position that Ethereum has held for a very long time now. However, Ripple has once again fallen to no. 3, propelling Ethereum’s return at the second spot.
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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.