After what can only be described as a worrying Q2 2019 for Ethereum, the cryptocurrency now appears to be back on track, after climbing from $173 to as high as $220 this September. Ethereum has also gained more than 20% against Bitcoin during this time.
ETH now stands at a respectable $219.28, having gained close to 5% in the last 24 hours amidst an overall market rally. Other major cryptocurrencies including Bitcoin (BTC), XRP and Litecoin (LTC) are also in the green, although Ethereum is currently leading the pack in terms of both daily and weekly gains.
Unlike most other cryptocurrencies that only experienced a sudden uptick earlier this week, Ethereum has been on a gradual uptrend since the end of August. Between August 31 and today, Ethereum has gained more than 30%—confidently pushing past the $200 barrier it has struggled to hold since July.
Ethereum’s daily trading volume is also on a slow but steady uptick. It’s trading volume is currently $9.7 billion, up from $6 billion on September 13. So, more traders are interested in buying and selling the coin.
Similarly, the cryptocurrency has seen its hashrate gradually increase since March 2019 and now sits at its highest value in almost a year at 190TH/s. This means more miners are keeping the network secure from attacks.
With value, trade volume and hash rate all experiencing what appears to be slow, natural growth, Ethereum’s fundamentals are certainly on the up and up.
Be the first to comment