Ethereum Has A 200% Return So Far This Year, And Just Hit $500+ For The First Time Since June 2018...
Ethereum's has managed a large rebound over summer and winter if 2020 , with it's market cap going from $13 Billion in Jan to $53 billion today Likewise, the quantity of daily transactions has increased as well. In the last 24hrs Ether buying and selling in dollars totaled $3.5+ billion in volume.
Ethereum hasn't seen these prices since June 2018, when amid a bull market it struck its all-time high of $ 1,300. But it's fluctuated since then, and for awhile went surprisingly low, the worst being June of last year falling underneath $100.
Upgrades Are A Big Reason Why...
The increase in the price of ETH coincides with an increase in its hash rate (or computing power) of the network, which on Thursday reached a new historical high - exceeding 250 terahash per second (TH/s)!
But the big one is early next month, when the long awaited Ethereum 2.0 launches! Many expect this to come with strong rally behind it, saying they want to get in before the 2.0 rally truly gets going.
Will The Rise Continue?
Which brings us to this interesting point - will everyone buy ahead of Ethereum 2.0's launch, making for a slow day when it actually arrives? Or will the lunch have enough hype behind it to fuel a rally of new investors following the experienced investors buying now?
I'm leaning towards believing Ethereum will successfully have a double rally run-up. The excitement around crypto is big, and Bitcoin's price (logically or not) scares some people off. I think there's a lot of people who will take 'the next best thing' and if it's priced under $1000 they won't hesitate to make this their jump-in point!
Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk / Breaking Crypto News
