Ethereum Price Increases 15 Percent on over $2 Billion In Trade Volume 🚨 This article is 6 years old...
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Ethereum Price Increases 15 Percent on over $2 Billion In Trade Volume
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Updated: Nov. 7, 2019 at 2:44 am UTC
Photo by Bill Jllen on Unsplash
Following a multi-month downtrend, the price of Ethereum is recovering from yearly lows due to a boost in trading volume in the past 24 hours. Since Wednesday, Ether prices are up 15 percent.
Ethereum Recovers Through Tether Trading Pair
In the past five days, Ethereum prices began to uptrend as total trading volume across the largest cryptocurrency exchanges nearly doubled from approximately $1 billion to $2.2 billion.
A large portion of the incoming trading volume came through transactions in the ETH/USDT trading pair–indicating that most ether purchases were made with Tether (USDT).
Over 40 percent of today’s trading action was made in Tether, while $350 million of trades came from fiat dollars.
On Wednesday, Ethereum hit a 14-month low of $170.58 and recovered nearly 15 percent in the hours following to a valuation of $208.53. Given its recent price action, it seems Ethereum may have found a bottom or support level of $170.
The ICO fervor of 2017 that funded several emerging projects in ERC20-compliant tokens, which are now being sold off at a rapid pace, could be a contributing factor to the increased selling pressure on Ethereum.
It’s evident that ether’s gradual decline this year has decreased sentiment around the second largest cryptocurrency and other popular altcoins. Whether prices will continue to recover toward previous highs is still unknown and traders are reminded to remain cautious and invest only what they can afford to lose.
Ethereum Market Data
At the time of press 2:44 am UTC on Nov. 7, 2019, Ethereum is ranked #2 by market cap and the price is up 14.18% over the past 24 hours. Ethereum has a market capitalization of $21.26 billion with a 24-hour trading volume of $2.25 billion. Learn more about Ethereum ›
Crypto Market Summary
At the time of press 2:44 am UTC on Nov. 7, 2019, the total crypto market is valued at at $201.15 billion with a 24-hour volume of $13.56 billion. Bitcoin dominance is currently at 55.76%. Learn more about the crypto market ›
Posted In: Ethereum, Price Watch
