Although no one knows for sure what the year 2018 will hold for all cryptocurrencies, it seems Ethereum is off to a good start. More specifically, the Ethereum price has surpassed $900 earlier today, although some of those gains have been wiped out in the process. At this rate, it seems to be a matter of time until the Ethereum price finally hits that illustrious $1,000 mark.Whether or not that will happen this month, remains to be seen, though.
Ethereum Price Reaches a new All-time High
While the Bitcoin price is stuck in sideways and semi-bearish momentum, the Ethereum price is not bogged down by such issues whatsoever. In fact, Ethereum is one of the first big gainers in the top 10 for 2018, although it remains to be seen how long this momentum can last. After all, we have seen a very steep price climb over the past few hours and it seems people are cashing out profits to drive the value back down. This is rather common in the world of cryptocurrencies, mind you, but it’s something to be wary of at all times.
To be more specific, the Ethereum price suddenly rose from $732 all the way to $914.83 in quick succession. While it is not uncommon to see such gains in the world of cryptocurrencies, it’s always evident this momentum will be met with a correction at some point. In this particular case, the new all-time high could not be maintained for very long. In fact, the Ethereum price has failed to surpass $900 ever since, which seems to indicate the correction is already taking place as we speak.
This doesn’t mean we won’t see the Ethereum price making another run to $900 in the next few hours and days. People are always eager to take profits, especially in the anticipation of another Bitcoin bull run. No one wants to miss out on converting altcoins to Bitcoin when the ratio is in their favor to accumulate more BTC. For some reason, that still remains the main objective of most altcoins” allow speculators to get more Bitcoin the process.
With nearly $5bn in 24-hour trading volume, it is evident today will be a good day for Ethereum regardless of the price movement. Although this currency has seen its fair share of major trading volume in the past, reaching new highs now and again is still a pretty big deal. Very few currencies come close to $2bn in 24-hour trading volume.these days, let alone $5bn. The demand to both buy and sell Ethereum is very real right now, although it remains unclear how all of this will affect the market in the long run.
The majority of Ethereum trading volume doesn’t originate from an exchange people would expect. Instead, we see Coinbene at the top of the list, followed by Binance, Bithumb, Ethfinex, and Bitfinex. It’s good to see some new names on this list to kick off 2018, as it further confirms most exchanges will gladly add ETH to their trading markets. Ethfinex and Bitfinex are very close to one another in terms of volume, as a mere $5,000 separates the two right now.
For the time being, it is unclear if we can expect more Ethereum price gains. So far, we have a 13.53% gain in USD value and a 12.97% gain over Bitcoin. Both of these figures are more than respectable, yet it will be difficult to maintain them for an extended period of time. Then again, we have seen a lot of strange and interesting things happen in the world of cryptocurrency last year. The year 2018 may very well bring us more of the same, which could spell good things to come for the Ethereum price.