All is sunshine and roses in the cryptocurrency world. Or at least that’s how things look at the moment, given that Bitcoin crossed $11,000 and Ethereum is holding above $450.00.
But markets never hold still for long.
Cryptocurrency markets are particularly restless. Investors swoop in, betting on Bitcoin, Ethereum, or one of the altcoins. Then, before they begin to understand the dynamics of the market, they get cold feet.
Some of them leave en masse, driving prices down. Others take advantage of the low prices, gobbling up as many tokens as possible, which forces the renegades to reconsider.
Maybe they jumped ship too quickly…
When they rush back in, probably at a higher price than they sold, crypto prices shoot through the roof.
This haphazard tango—two steps forward, one step back—means that the cryptocurrency market will continue to grow, but that there will be growing pains.
We’ve seen this pattern play out time and again. And Ethereum is no exception.
What’s Going on with Ethereum Prices?
At the time of writing, ETH prices advanced 0.79% against the U.S. dollar. This brought the Ethereum to USD exchange rate to $468.58.
However, the Ethereum to Bitcoin rate fell 3.11% to 0.04078550 BTC.
Daily Ethereum Chart
A Brief History of Ethereum Trading Volume
Ethereum trading volumes increased slightly from the day before, and the day before that, bringing total activity to $1.07 billion. That’s how much ETH was traded in the last 24 hours.
Bitfinex was the leading exchange for trading Ethereum, accounting for 11.34% of total volume. Meanwhile, GDAX and Bithumb accounted for 7.95% and 6.11%, respectively.
Analyst Take:
We maintain our $1,500 Ethereum price forecast for 2018.
Also Read:
Post Bitcoin Spike: Ethereum Price Prediction for 2018
Hold on to Ethereum for the Long Term
Source: Price Confidential