eth price

Ethereum Price – up Over 13% Amid Raiden Network’s “Red Eyes” Alpha Release

Cryptocurrency markets have been on a rise since last week, gaining over $40 billion in market capitalization. Ethereum has nearly doubled in price from its previous level of $80, currently trading at $147. Is the crypto bottom really over? Ethereum’s Co-Founder thinks it is.

Joseph Lubin officially called the 2018 bottom on December 21st on twitter:

So far his prediction seems correct, let’s hope it stays that way. Erik Thies agrees that there is a strong case for Ethereum’s bottom, providing the following chart:

Furthermore, Crypto Goat points out that the last time Ethereum saw this kind of buying volume the cryptocurrency quintupled in its BTC value. That is quite a significant observation that may support the argument that ETH has indeed bottomed out.

Ethereum to start competing with XRP?

One piece of news which could be pushing Ethereum into the double digit gains is the launch of the Raiden network on the Ethereum platform on December 21st. Raiden announced the release of their “Red Eyes” alpha payment channel network.

If you aren’t familiar with the Raiden Network, it is a smart-contracts based platform that introduces high-speed transfers on the Ethereum blockchain, effectively competing with XRP.

The launch of the alpha version of the protocol is extremely relevant to current market trends. We have been seeing the XRP price sustain massive gains recently due to their partnerships with financial institutions because of Ripple’s technology. If Ethereum can start competing for Ripple’s clients, that may well be a game changer which can catapult ETH back to the number two spot.

As exciting as the recent bull run is, we must keep the market movement in perspective. Ethereum’s ATH was around $1390, the current price of $147 is only 11% of the all time high. For a true bull run to form, Ethereum and cryptocurrencies markets as a whole still have a long way to go.

The good news is, with such high buy volume that hasn’t been seen in months something is brewing. Whether its the Christmas spirit or the end of the year, crypto markets have recently been blessed with the bulls. 2018 has been a roller coaster and a rough year for most crypto holders, traders and businesses. We can only hope that the year will at the very least close on a good note.

This article wouldn’t be complete without one of CryptoChimp’s memes, after all laughter is the best cure for the (hopefully now over) bear market:

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.


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