Things are looking pretty good for all cryptocurrencies in general. Even though Bitcoin struggles to break the $20,000 resistance, all altcoins are slowly catching up again. In the case of the Ethereum price, we will most likely see a new all-time high in the next 24 hours. With the Ethereum price now holding its own above $735, surpassing the previous ATH of $744 shouldn’t be overly difficult.
Ethereum Price Shows Bullish Flashes
It is evident the cryptocurrency market is dictated and dominated by Bitcoin in every possible way. If the Bitcoin price crashes, all other currencies will suffer. Right now, the sideways trading momentum of Bitcoin is doing the Ethereum price an indirect favor. The world’s second-largest cryptocurrency by market cap has noted a small gain in USD value and a rather strong gain against Bitcoin itself over the past 24 hours.
To be more specific, the Ethereum price has increased to $739, which represents a 2.82% gain in USD value. Not bad at all, considering Bitcoin is still trading at nearly $19,000 right now. There is also the 6.79% gain over Bitcoin, which effectively slings the Ethereum price back to the 0.04 BTC range. Whether or not it can effectively get there and stay there, remains to be seen, though. For now, it seems we could expect another bullish Ethereum price run in the next few hours, although Bitcoin may spoil that party rather quickly.
It is good to see the Ethereum price approach the previous all-time high again, though. A lot of people have been waiting to see Ethereum hit $1,000 this year, yet time is slowly running out. Although the altcoin is already 70% of the way there, it’s always the last stretch which becomes harder. That will be no different for Ethereum whatsoever, yet this push toward the four-digit mark may happen a lot sooner than people anticipate.
With over $2.32bn in 24-hour trading volume, things are looking pretty good for Ethereum as we speak. It is possible we will see this volume increase a bit more over the past few hours, as a lot of people are diversifying their Bitcoin holdings into various altcoins. That is the best course of action at this stage, as Bitcoin isn’t the only cryptocurrency worth keeping an eye on whatsoever. Ethereum is just one of the many options in this regard.
Bitfinex is the leading exchange for Ethereum trading volume, which is somewhat surprising. Their lead over Binance is quite large, although it’s nothing that can’t be overcome either. GDAX and Bithumb are duking it out for the number three position, with just $3.8m separating the two exchanges. It will be interesting to see how all of this plays out in the long run. Three fiat currency markets in the top 4 is a pretty bullish sign.
In the end, we may very well see some major fireworks in the cryptocurrency world before the year is over. Bitcoin has stolen most of the headlines, but there are still plenty of altcoins which are still undervalued at this point. Ethereum has surpassed people’s wildest expectations in this regard, but there’s still some gas left in the tank. Whether or not we will see an all-time high this week, remains anyone’s guess.
Source: The Merkle
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