There’s been definitive movement in cryptocurrencies this week after some weeks of wondering whether top crypto values were going to break higher or lower.
Take Ethereum – after languishing close to $80 in December and $100 in February, ETH has experienced a 25% jump in just a few days. Yesterday we were seeing values up toward $140, and right now as of press time, values are even a bit higher than that. Nearing $150, Ethereum seems poised to break to significant three month highs, if it keeps going the way it’s going.
As for Bitcoin, the cryptocurrency that perhaps has the most to gain from widespread blockchain adoption, Bitcoin value jumped from around $3400 in the first half of February to right around $4000. As of press time, Bitcoin is actually trading above that important $4000 psychological mark which is key. We’re talking about something like a 15% increase in just a few days. That’s a solid indicator that traders are bullish about Bitcoin right now. Does it have further to fly?
Along with these value increases, we also have high trading volume, which is a great complement, showing that there is activity in the crypto world. Momentum is good.
“The prices of cryptocurrencies are still recovering from the devastating effects of the bearish market, but the activity within the crypto world continues to grow,” writes Ali Raza at Cryptopotato, pointing out that although prices are down from 2018, volume is currently up to April 2018 levels.
Between the two, Ethereum’s rise is perhaps the more impressive. Since slumping from much higher values six months and a year ago, ETH was down, as we said, as low as $80. That made a pretty good entry point considering what we have now – but some buy-and-hold traders insist that this is just the beginning.
In months past, John McAfee and a host of other people were naming extremely high values for Bitcoin at the end of 2019. As we see concrete growth right now, some of those voices might come back out of the woodwork arguing that new institutional buy-in will boost value bigger and longer term. Factor that into your due diligence as you look at market analysis for cryptocurrencies in informing your portfolio choices.