The ‘non-moving’ cryptocurrency Ethereum has finally shown it strength by rising nearly 10 per cent to $330 from rather stagnant levels of $300.
Ethereum has been glued to the $300 levels for quite some time and while Bitcoin and other cryptocurrencies bounced around like crazy, Ethereum continued to show stability at the $300 levels. Its trading volumes, however, are slightly down, falling to just above $1 billion in the past 24 hours from around $1.5 billion the days before.
$330 levels for Ethereum aren’t new and they are well within the range of $300 – a level where the cryptocurrency has been for months. Many in the cryptocurrency world have even given Ethereum a new name – stablecoin – for its affinity to stick to a level unmoved.
Where there is inherently nothing wrong with Ethereum, the stability at $300 is mostly because of over the top attention being given to bitcoin and its many forks. While in ethereum, there hasn’t been much headline recent development, but underneath, the platform and its ecosystem continues to grow.
One of the strong points for Ethereum is that its blockchain is currently handling highest level of transactions of any major digital currency, processing at times nearly double the amount of transactions the bitcoin network can processes. Further, the fees are very low and transactions are processed without any congestion or delays thereby allowing for seamless value transfers anywhere in the world within seconds at almost no cost suggesting its network effects are continuing to increase at a time when the many projects launched on the platform quietly work on refining their systems, so building a base and its foundations.
Despite the strengths, price isn’t moving because of likely consolidation and perhaps accumulation by investors and traders alike. The current upwards trend has taken ethereum to above $330 levels, but it remains to be seen for how long can it continue to rise.