Newsflash: Ethereum Price Bursts Through $800 as Bulls Maintain Momentum

Journalist:
May 4, 2018

The ethereum price cracked the $800 mark on Friday, as the market shook off impending regulatory concerns to reach its highest point since early March.

The world’s second-largest cryptocurrency entered the month below $650 but has gone on a tear in the three days since. That rally continued this morning, and the ethereum price broached $800 on Bitfinex shortly before 12:00 UTC.

At the time of writing, ETH was trading slightly below that mark at $799 and boasted a circulating market cap of $79.3 billion.

ETH Price Chart

The rally came on the heels of bullish sentiment from Reddit co-founder Alexis Ohanian, who is also a founding partner of VC firm Initialized Capital. Ohanian predicted that the ethereum price will reach $1,500 before the end of the year, though his comments attracted even more headlines due to the fact that he initially misspoke and said $15,000.

Notably, this price movement appears to indicate that traders and investors are not concerned by reports that US regulators will meet on Monday to discuss whether ethereum and certain other large cryptocurrencies are securities under federal law.

Click here for a real-time ethereum price chart.

Featured Image from Shutterstock

Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.