Over the past few hours there has been a major boost in the price of Ethereum. Ever since it was ousted from the #2 position by Ripple, Ethereum was expected to bounce back. That moment finally came today as ETH reached an all-time high level of $870. The coin grew by about $140 in a matter of hours to reach this new all-time high level.
Ethereum’s Market Cap has now crossed $84 Billion and is just about $3 Billion behind Ripple now. It appears that ETH will be taking back the second position soon. Over the last 24 hours, ETH worth 233,810 Bitcoins has been moved around in the markets, resulting in this growth rally. The currency shot up by a little over 16% to reach this new all-time high.
ETH is one of the most trusted names in the markets. For years it has been viewed as a good alternative to Bitcoin. The technology that powers Ethereum has a much wider scope than most other coins – and that has been a belief held by those who invested in the coin or mined for it.
This sort of a growth was almost predicted – as it was apparent that Ethereum would be aiming at bouncing back to the #2 position. Moreover, with the $1000 mark approaching, more investors are likely to show interest in the currency. Ethereum recorded an unprecedented growth last year as it grew by almost 8600% in 2017.
However, while over the past few months many altcoins including Litecoin, Ripple and Factom grew in leaps and bounds, ETH appeared to be slow. It now looks like Ethereum has finally found the momentum it was looking for and big green candlesticks have begun to appear. This growth rally might just help ETH break the $1000 mark! This is indeed a ‘happy’ new year for those who had invested in it. Stay tuned with us for more updates on the world of cryptocurrency.