Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The past few weeks have been incredibly interesting for all cryptocurrencies on the market right now. While most people talk about the Bitcoin price, no one should overlook the Ethereum price either. Right now, it is only a matter of time until we see an Ethereum price of $500, which puts it on target to set a new all-time high in the coming days and weeks.
Ethereum Price Approaches $500 Again
Similar to most other cryptocurrencies, Ethereum has had a very good year throughout 2017. All cryptocurrencies which are worth paying attention to have seen their value increase over the past few months. In the case of Ethereum, all of the network issues, the ICO dominance, and a few thefts and smart contract issues have not diminished its value all that much. In fact, we have seen the Ethereum price rise from under $10 all the way to the all-time high of $519 in just over ten months.
Over the past months, things have looked relatively stable despite this strong uptrend. In most cases, an uptrend will effectively cause a massive correction shortly afterward. That hasn’t been the case here, although the Ethereum price dropped from $519 all the way to $414 in quick succession. However, this occurred after a price increase from $300 to $519, thus it was somewhat to be expected people would take their profit and wait for a new buy opportunity.
We have seen a solid uptrend in value despite Bitcoin going on a massive bull run no one truly expected. With the Ethereum price now approaching $500 again, it will be interesting to see if a new all-time high can be reached. We see an 11.02% gain in USD value and an 11% gain over Bitcoin itself, which is cooling down quite a bit. Altcoins are not done for the year just yet, that much is rather evident. Whether or not we will see another Ethereum price all-time high before the year is over, remains to be seen.
Thanks to nearly $2.3bn in 24-hour trading volume, there is no denying the demand for Ethereum is very real right now. Although there are still some ICOs on the network to speak of, it seems that initial hype and craze has quieted down. That is when you exclude the CryptoKitties debacle, which once again crippled the network due to its lack of proper scaling. These issues will be addressed through future forks and general quality of life improvements, though.
GDAX is the leading market for Ethereum right now, thanks to its USD market. They are well ahead of OKEx and Poloniex, both of which trade in BTC value. There is some fresh capital coming into the cryptocurrency world right now, although there are plenty of people moving their Bitcoin profits back into altcoins. A healthy mix of both revenue streams will eventually further increase the Ethereum price over time.
Things are looking pretty good for Ethereum right now. We may see another Ethereum price all-time high before the end of the year, but it will mainly depend on how the Bitcoin futures products affect all cryptocurrencies in the coming weeks. There are some conflicting opinions in this regard, as these new investment vehicles may effectively push the market up or send Bitcoin back to below $10,000. No one knows what the future holds, which means taking profits is still the best course of action regardless of which cryptocurrency you are holding.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.