Ethereum gets near all-time high as it rebounds in its value. The currency has recently passed the $1,200 mark and is getting close to potentially surpassing the original record that it held earlier in January. Part of this is thanks to trades around the world that link the currency to the American dollar.
Ethereum reached the $1,200 mark on January 28 during the trading day. The currency had fallen back to under the $1,000 mark for a period of time. It had fallen to as low as $800 on January 17.
The currency is still below its all-time high. The currency had reached $1,400 during the early part of January.
The moves for Ethereum come as the cryptocurrency market continues to experience a bearish trend. The market in general had been struggling following ongoing worries about countries adding more restrictions on cryptocurrency trades. These include rules like South Korea requiring people to disclose their information before investing in the currency market.
However, the decline in Ethereum during the bear market has made the currency more attractive to people who want to acquire the currency for any intention. The low value of Ethereum when compared with the more popular bitcoin has made it a popular currency for people to look into.
Competing With Bitcoin
In addition, the ratio between Ethereum and the bitcoin has increased. The ratio has gone up by more than 10 percent in recent time. This means that gap between the two currencies is a little narrower as one Ethereum is worth a little more than one-tenth of a bitcoin.
The overall market cap total gap between the two currencies is also shrinking. Bitcoin has a market cap total of $192 million. Ethereum has a cap of $116 million. This is more than twice the value of the market cap for Ripple, the closest currency to Ethereum on the market. Bitcoin and Ethereum are both dominant enough on the market to contribute to more than half of the total market cap of all cryptocurrencies on the market.
It is unclear as to why Ethereum has experienced a rise against the bitcoin. However, it could be due to Ethereum being less prominent than the bitcoin. The bitcoin has become popular enough to where it is more likely to be subjected to speculation and regulation. This in turn allows Ethereum and other smaller currencies to become more popular.
Most Popular Platforms
The top platforms for Ethereum trading include Bithumb and Upbit. OKex has also been growing with a trading pair that links Ethereum to the American dollar, one of the more popular fiat currencies available on the trading market.
Bitfinex has also experienced plenty of trading with its pair tying the currency to the American dollar. About $229 million in trading volume has been produced by the Bitfinex pair in recent time.
The recent trading volume statistics suggest that the demand for Ethereum has been a global point of note. That is, there is no one particular country that has been dominating the trading market. This in turn may reduce the potential for a bubble or other issue involving the investment to come about over time.Advertisement