Ethereum has been recovering for a few days now, and in the last 24 hours alone the cryptocurrency is up by 20%. After hitting a $134.21 low this month, Ethereum has recovered to $237 today, effectively reaching the value it had last week before the price dropped.
Ethereum’s market cap is currently at $20.90 billion, after showing gains superior to those of the top 15 cryptocurrencies, with only Qtum coming close to it with a 17% value increase in the last 24-hour period. Bitcoin’s market cap is currently at $38.18 billion but the number one cryptocurrency is down by 0.51% at press time.
The cryptocurrency ecosystem is seemingly bullish again, as its total market cap is $83.36 billion. One of the reasons behind Ethereum’s recent surge is the Ethereum Enterprise Alliance (EEA), which recently just added 34 new members, turning it into the world’s largest blockchain consortium. As reported by CCN.com, an Indian state government and payments giant Mastercard is part of the EEA’s new additions
Last month The Flippening, the scenario in which Ethereum would surpass bitcoin and become the number one cryptocurrency, looked like a real possibility before Ethereum’s value dropped and bitcoin recovered part of its dominance.
Now, Ethereum seems to be recovering part of its share, even though it’s still far below bitcoin. At press time, Bitcoin’s dominance is currently at 45.2%, while Ethereum’s is about 25%.
Ethereum’s price, according to analysts, is now more stable than before. eToro analyst Mati Greenspan told Business Insider that the decline in Ethereum’s market cap was to be expected as a result of its exponential rise since the beginning of the year.
Moreover, concerns of the ICO market and its bubble-like nature have forced a lot of investors from taking their money away from the ecosystem before the bubble would presumably burst.
2017 has been a great year for Ethereum, albeit a somewhat volatile one as well. The cryptocurrency started the month at about $8 per Ether token and has since then surged to an all-time high of $410 last month, before declining to its low of $134.21 last Sunday.
The cryptocurrency’s trading volume also surged. It started off 2017 with a trading volume of about $14 million and registered a $2.7 billion volume yesterday as its value recovered.
Ethereum’s price correction had in fact been predicted by Forex technical analyst Nicholas Duke, who used historical data to determine, back in May, that Ethereum’s explosive growth path could lead to a 38.4-point fall from its then $227 price.
Images from CoinMarketCap. Featured image from Shutterstock.
Last modified: March 4, 2021 4:58 PM