Over the past week, ETH prices have risen by 50 percent, but there is still a long way to come back against Bitcoin (BTC). Ethereum (ETH) is still continuing its upward march, adding on that more than 50% to its price over the past week and rising over 17% overnight this Thursday. At $259.29, ETH traded at 6:15 UTC, breaking Wednesday’s $247.45 highs.
However, Ethereum activity reached an all-time peak in an example of “volumes leading price,” with daily volumes in 24 hours above $17 billion, far outperforming even records from the end of 2017. Significant inflows of funds go from BTC to ETH, one of the reasons. But also in base pairs, ETH is used to ignite what looks like another season of altcoin.
1. #Bitcoin rallies
2. Money begins to flow from $BTC to Large Caps like #Ethereum
3. $ETH breaks above 200 EMA (i.e long term gauge of investor sentiment)
4. Decline in Bitcoin Dominance
5. Money flow from Large Caps to Mid Caps & Low Caps
— Rekt Capital (@rektcapital) May 14, 2019
The price of ETH rose despite the oddly derogatory Tweet from John McAfee:
Folks asking my opinion of Ethereum:
Well Frankly, I prefer one syllable coins and am not fond of Ethereum’s spelling. Additionally, many of my friends who hold Ethereum dress oddly. And, of course, Buterin looks underfed to me. But do not take this as investment advice.
— John McAfee (@officialmcafee) May 15, 2019
Additionally, Tether (USDT) inflows into ETH have grown from around $1 billion’s equivalent to as much as $1.85 billion in 24 hours. More than 43% of all ETH volumes are in the USDT pairing.
The rally is still tentative in ETH prices, but tides may turn. ETH has been bearish for over a year, with expectations that the coin would return to $ 140 just a few days ago.
Nevertheless, the digital asset of the ETH may become a staking resource in the years to come. Recent price lows below $140 resulted in potential staking owners having the opportunity to load up on the asset. Holding certain quantities of ETH may result in price appreciation. Currently, nearly two million ETH are held as collateral by the Maker (MKR) project, but staking may lock up more.
And ETH’s biggest strength is the connection for multiple altcoins to the market that can deliver and handle the dramatic growth. Which the growth can be reflected in the prices of ETH: do you guys have any idea how much $ETH will pump when it wakes up?
Like last bull run, it will be ridiculous. $ETH is like an altcoin index fund.
— Bitcoin Macro (@BTC_Macro) May 14, 2019
And meanwhile, ETH is competing in alternative networks such as EOS and TRON, there is still no competition in terms of adoption exchange and general use. ETH prices in the current uptrend are seen to extend the rally to over $ 300.