Ethereum Price Spikes by 16% in 24 hours as Coin Market Cap recovers to $204 Billion

Ethereum (ETH) has shown recovery potential after its weary price dip in recent months, which had many enthusiasts questioning its ability to recover and the reason for its sharp decline given its close affinity to Bitcoin as the second most valued cryptocurrency and number one altcoin.

However in a positive flash over the 24 hours window and after Wednesday’s 14-month low of $170, Ethereum price has increased by 16% to stabilize above the $200 mark at exactly $224 per Ether coin and looks certain to have found its possible bottom to enable it take momentum.

This upward movement by Ethereum is in tandem with an increase in its trading volume which has been at a high in the past 24 hours. According to market statistics, a large part of the Ether trading volume over the past five days have been through the ETH/USDT trading pair; which indicates that most Ethereum purchases and 40% trading action were made with Tether (USDT).

In same vein, the Coin Market Cap also showed signs of recovery from the previous wipe out valuation of $200 billion to an increased valuation of $204 billion; with both scenarios topping the green day feel across the coin market as most coins look to recover from past decline.

According to market experts, this multi-month downtrend in Ethereum price has been linked to the post effect of the ICO rave season of 2017 which saw many emerging coin projects hinged on the Ethereum ERC20 platform boom but now currently sold off at a rapid pace. Charts analysis however indicate that ETH is expected to continue its upward trajectory in coming days especially if Bitcoin breaks next resistance at levels $6600, $6650 and $6850 respectively; other coins also see an increase in price between 5%-20% just as experts opine that this gradual growth and correction are a healthy and decent growth scale for the coin market.

What are your thoughts on Ethereum (ETH) market price?

 

Tags from the story
, ,
Written By

CryptoEnthusiast,CryptoEducator and Angel Investor,Writing Pro and Techie