Everyone in the world is seemingly keeping a close eye on the cryptocurrency markets right now. One of the currencies many people have high expectations of is Ethereum. While still the world’s second largest cryptocurrency by market cap, things are not exactly going as planned. With a 3.51% loss, the Ethereum price has dipped below $290 again. This trend will not last all that long, though, that much is certain.
Ethereum Price Takes a Small Dive Once Again
When the Bitcoin price dips briefly, the rest of the cryptocurrency market will do the exact same. In the case of Ethereum, the price of this token has taken a brief dip over the past few hours. While the Ethereum price was well above $300 not too long ago, maintaining that high price point is still problematic. Volatility is the second nature of all cryptocurrencies and it clearly shows as of right now.
As far as the Ethereum price is concerned, it now hovers close to $290 for the time being. That is still a more than respectable price, all things considered, but it remains to be seen if a return to $300 will happen before or after the weekend. We have seen a sharp price increase for Ethereum from $250 to $306 earlier this week, which means a correction was coming at some point along the way.
With the Ethereum price dropping by 3.51%, there is no reason to be concerned whatsoever. It is a bigger dip than most people would like to see right now, but things will recover eventually. Especially when the Bitcoin price recovers in a few hours from now, the Ethereum price will see some upward momentum accordingly. Despite what some people may claim, all cryptocurrencies derive value based on the current Bitcoin price momentum, and Ethereum is no exception in this regard.
One thing that is somewhat disconcerting is the low Ethereum trading volume. Contrary to a few weeks ago, the Ethereum trading volume has dropped from well over $1bn to about half a billion right now. Over the past 24 hours, there was $532m in Ethereum volume, which is not bad, but nothing spectacular either by any means.Then again, this lower trading volume is no big surprise whatsoever, nor should it affect the currency in the long run.
Looking over the trading markets, Bithumb is in the lead by a small margin over Bitfinex. GDAX is a surprise in the number three slot, but it is good to see some more competition in the Ethereum market these days. With three fiat currency trading pairs dominating the Ethereum trading volume right now, the popular altcoin follows the same path as Bitcoin. More fiat currency-based trading is always a positive sign, though, as it confirms the global demand for cryptocurrency is still there.
As of right now, it appears to be only a matter of time until the Ethereum price surpasses $300 once again. However, with the weekend almost upon us, no one can say for sure what the future may hold, which is always somewhat troubling. Ethereum is a cryptocurrency to be reckoned with, as it is doing things very differently from Bitcoin or any other top cryptocurrency. A bright future looms ahead, regardless of the current price movements.
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