It seems there is no end in sight for the positive cryptocurrency price momentum right now. All currencies remain firmly in the green over the past 24 hours, which comes as a bit of a surprise. The Ethereum price is slowly making its way toward $700 once again, even though this trend is a lot slower than most people would expect it to be at this point.
Ethereum Price is on the Rise
Similar to all other cryptocurrencies, the Ethereum price has been rising steadily for the past week and a half. While that is positive in its own regard, the overall gains are a bit slow compared to some other currencies. Even so, any positive momentum in the world of cryptocurrency should be taken in stride and cherished, as things tend to turn around pretty quickly in this industry.
For the Ethereum price, things have certainly headed in the right direction over the past seven days. With a price increase from just under $500 to $681.65 in quick succession, the uptrend remains firmly intact. Considering how the Ethereum price has dipped below $400 not that long ago, almost reaching $700 so quickly is a victory in its own regard.
Thanks to another 6.99% increase in the past 24 hours, the future looks pretty bright for Ethereum. There is also a 3.07% gain compared to Bitcoin, which is something to keep a close eye on. We have seen similar momentum affecting different altcoins on the market, as now is a good time for alternative currencies to note some positive gains compared to the world’s leading cryptocurrency. If this trend remains intact, the Ethereum price should hit $700 in the next few days.
The overall Ether trading volume is also on the rise this past week. In the past 24 hours, over $2.7bn worth of Ether has changed hands, which is a very strong increase compared to the previous days. This also impacts the overall cryptocurrency trading volume, which is slowly making its way back to $30bn. Everything seems to point at more bullish momentum to come, albeit drawing any conclusion is all but futile at this point.
Looking over the exchanges ranked by trading volume, it appears Bitfinex still holds the crown as of right now. Its volume is slightly ahead of OKex’s USDT pair and Huobi’s USDT pair. Surprisingly, there is no South Korean exchange in the top five right now, as Bithumb comes in seventh place. Fiat currency-wise, there is just one market in the entire top five, which is not necessarily a good or bad thing.
How all of this will unfold for the Ethereum price, is difficult to predict. If the current trend is any indication, things will continue tog up from here, although a temporary retrace is still looming overhead. As of right now, there is a very likely chance the Ethereum price will surpass $700 later this week, but remaining above that threshold will not necessarily be easy. The coming days and weeks will be pretty interesting to keep an eye on, for obvious reasons.