Contrary to what was expected earlier today, it would appear the overall bull trend is still in place today. That in itself is a big surprise, especially when considering how steep the gains were last night. The Ethereum price has turned very bullish of all a sudden, following steep 13% gains across the board.
Most people who invested in Ethereum did so at a much higher price than today’s value. While there is nothing wrong with this whatsoever, the current value isn’t instilling much confidence in Ethereum whatsoever. Despite the most recent gains, it is evident this token is still down by 90% from its all-time high. Not the trend speculators have been looking for whatsoever, but there isn’t much to be done about it when Bitcoin is dragging everything else down with it.
Over the past 24 hours, the Ethereum price has been on quite the tear. With a 13% gain in USD value, Ether approaches the $120 level once again. This is better compared to sitting in the double-digit range, although that didn’t last all that long either. In ETH/BTC, there is a 5% increase, bringing the value to $0.0325. Not the 0.04 BTC level either, but it is quite interesting to keep an eye on how this particular market evolves.
There is nothing really driving the Ethereum value upward other than Bitcoin’s own momentum. After all, Ethereum has become reliant on Bitcoin’s value first and foremost, which has become a big problem in the cryptocurrency industry as a whole. Even so, it is pretty interesting to see how the bullish Bitcoin trend breathers new life into all other markets. As long as this run can be sustained, there may be even further gains moving forward.
The big news of the week is how a new decentralized Ethereum token exchange has gone live. Known as Bitcratic, it will let users trade ERC20 tokens without too much friction. Platforms like these are dime a dozen, but it is evident there is a genuine demand for them as well. Always conduct one’s own research prior to dealing with these kinds of new solutions, though.
— Hawk FX (@hawkfx) February 9, 2019
It is evident the current momentum has a lot of people excited, for rather obvious reasons. More specifically, Cryptomemez is convinced a major bull run is ahead. While the image in question isn’t photoshopped all that well, it is pretty evident people are genuinely excited about what may come over the weekend. It is difficult to tell how long the excitement will last, though.
— Cryptomemez (@CryptoMemez) February 9, 2019
One thing that can keep the ETH party going is how its trading volume continues to grow. With nearly $4bn in trades, Ethereum is definitely doing some things right. Unfortunately, this also means there is plenty of liquidity which can easily negate most of these gains in very quick succession. This weekend will be pretty crucial for most markets, although the actual impact remains to be determined.
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.