Price of Ethereum Soars as Market Bounces Back
Ethereum is always a solid gauge to see the market of cryptocurrency as a whole. To this day, Ethereum is without a doubt, the best and highest performing cryptocurrency on the market. Starting out as an ICO or initial coin offering, the coin has seen its day in the market. Given that it has shot up so much in value, it is hard to say whether or not the growth will be able to continue in it original form, but for now it does look strong.
Given the negative feedback form the various exchanges across the world throughout the beginning to mid September, it is reassuring to see an ease and calming in the market. The price of Ethereum dropped as low as $195, albeit for a short period of time, but the drop is likely due to the correlation with bitcoin. This may have been bad for those who already owned the stock, but now many are getting in while the price is low.
Although the cryptocurrency market is incredibly volatile, it seems as though it has calmed down for the moment. It does appear that there is an uptrend on the current chart that hopefully is not slowing down. As of Monday, September 18th, bitcoin has shown that it is no longer being dragged by the Chinese crackdown on it, so hopefully this news will reflect onto Ethereum.
With a 17% gain happening over the course of 24 hours, the volatility of the price swings can still be associated with the cryptocurrency market as a whole. The volatility will not get lower any time soon which could likely mean that Ethereum could hit the $300 price point.
One of the main reasons for the price increase is the Korean Market. The combined trading volume is around 37% of the coin as a whole. This means that the market there holds a solid amount of leverage over the rest of the world.
The hopes are high for Ethereum to continue these gains as the market calms down and finds some sort of equilibrium.