Things are progressing nicely in the world of Bitcoin and altcoins these days. While the Bitcoin price is still on the bend, most altcoins are further solidifying their position in the market. Ethereum, for example, is looking to hit that $100bn market cap in the coming weeks. Moreover, the Ethereum price has increased to over $977, which means reaching $1,000 may happen sooner than expected. It would certainly be a great start to 2018 for ETH, assuming the momentum doesn’t run out before this milestone is reached.
Ethereum Price is Close to Surpassing $1,000
We have seen a lot of fresh capital enter the cryptocurrency ecosystem throughout 2017. At that time, it was only a matter of time until we would either see a market correction or things would only get even better. Although there has been a small correction for all currencies not that long ago, it seems most altcoins are unaffected by Bitcoin’s price struggle. In fact, the Ethereum price is a good indicator of how things are evolving in the world of cryptocurrency these days.
To put this into perspective, we have seen the Ethereum price surpass $500 and $750 in quick succession. When such growth happens, a correction is almost always imminent. Surprisingly, Ethereum is pretty versatile in this regard, as the value continues to rise. With an Ethereum price of $977.75 at the time of writing, it is evident there is a strong indication one ETH may be worth more than $1,000 in the near future.
Considering how that same ETH was worth under $900 less than 24 hours ago, the current Ethereum price growth is nothing short of remarkable. There is a lot of bullish momentum in the world of cryptocurrencies these days, and it seems things will only intensify further. Very few currencies are overly attached to Bitcoin’s price momentum right now, even though they make take a hit in USD value when BTC drops. In the case of the Ethereum price, we see a 10.59% gain in USD value and a 12.9% gain over Bitcoin. Very impressive, although reaching $1,000 will not be easy.
With over $5.83bn in 24-hour trading volume, Ethereum is more than capable of playing with the “big boys” in this regard. Although its volume is substantially lower than Bitcoin or XRP, it is still far more than what we have seen a year ago. We are slowly growing accustomed to higher numbers in the cryptocurrency world, and the trading volume is no different in this regard. There is plenty of demand to buy and sell Ether right now, that much no one can deny.
What is rather peculiar is how two of Binance’s trading markets are dominating the Ethereum trading market right now. More specifically, the company’s ETH/BTC and TRX/ETH pairs are very popular indeed. Bitfinex, Ethfinex, and GDAX complete the top five. It’s good to see people diversify their cryptocurrency portfolio, but we also need a steady stream of fresh fiat currency to keep this momentum going. So far, things are looking pretty good as far as Ethereum is concerned.
Whether or not we will see an Ethereum price of $1,000 by tonight, is a big question no one can truthfully answer. All sign points toward a positive outcome, but we also need to keep in mind Ethereum has gained a lot of value in the past 24 hours already. Eventually, there will be a moment of reprieve and a potential correction of some sorts. The year 2018 is certainly off to a good start for all currencies that aren’t Bitcoin.
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