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Ethereum Makes Notable Gains during Monday’s Marketwide Recovery

Last Updated March 4, 2021 4:59 PM
Lester Coleman
Last Updated March 4, 2021 4:59 PM

Ethereum posted the highest gain among the top six cryptos during Monday’s marketwide recovery, grabbing more than 12%, taking its price to $286.18 and its market capitalization to more than $27 billion, according to coinmarketcap.com. This rally comes as Ethereum prepares to begin deploying its Metropolis protocol upgrade.

Source: Coinmarketcap.com

Ethereum’s gain was the highest among the top 10 except for seventh place NEM, which gained 13.36%, eighth place IOTA, gaining 17.14% and tenth place Ethereum Classic, which rose 13.96%.
Ethereum’s pricing activity continues a rollercoaster that began in early February, when the price began surging beyond the high teens, reaching near $400 in mid-June.

Ethereum’s Volatility Continues

Today’s gain took Ethereum more that 12% past its mid-September price of $254.64, after having fallen from $386.83 on Sept. 1. The Sept. 1 price nearly matched a record high of close to $400 in mid-June, after it had fallen to $182.35 on July 17.

An astonishing 97 of the top 100 cryptocurrencies experienced positive movement Monday, with bitcoin headlining the advance with an 8% leap across the $3,800 barrier.

The market’s advance reflected renewed confidence among traders that likely stems from the emergence of Japan as a major player in the global crypto markets. Many major Chinese traders have already moved to Japanese exchanges, even though OKCoin and Huobi will continue to operate until the end of October.

Crypto prices suffered last week as Chinese exchanges announced they will shutter their trading services. Since setting an all-time high on Sept. 2, the crypto market cap fell by $80 billion last Friday.

Another positive development today is the continued rise of over-the-counter cryptocurrency trading. Last week, LocalBitcoins–a platform that connects individuals looking to buy and sell bitcoin for fiat currency–set a 7-day record of about $72 million. Much of this increase came from Chinese residents who are no longer able to make CNY deposits on local order-book exchanges.

Also read: Ethereum, bitcoin prices recover as China bitcoin ban rumors linger

Ethereum Sustains Post March Gains

Ethereum’s price has remained well above the lower teens which it held all year up until beginning its fast climb in March. Bitcoin and Ethereum collectively hold the lion’s share of cryptocurrency market capitalization, with bitcoin holding close to half (48.15%) to Ethereum holding nearly a fifth (19.83%).

The gap between the two market leaders’ shares was smallest on June 16, when Ethereum held 31.91% to bitcoin’s 38.42%.

Featured image from Shutterstock.