Ethereum's Bull Run: Price Above $350 Again - Market Cap At $34 Billion

11/20/2017 - 11:03 UTC
Ethereum's Bull Run: Price Above $350 Again - Market Cap At $34 Billion

While Bitcoin hits all-time highs again, the rest of the cryptocurrencies also record strong gains. Ethereum surpassed $350 while its market cap broke the $30 billion mark.

Ethereum price trajectory this year shows bitcoin is not the only cryptocurrency that gives incredible returns to its investors. The popular alternative cryptocurrency began this year below 10 dollars, but it has skyrocketed to 391 dollars on June 13.

Then the price followed a bearish trajectory falling as low as 149 dollars a month later. Nevertheless, August was a very positive month for pretty much all cryptocurrencies, and Ethereum was not an exception as it raised again to 386 dollars on September 1st.

Ethereum showed an incredible steadiness around 300 dollars in September and October. This was changed in November, as the price begun to rise again. In November’s first half, Ethereum established a floor price well above 300 dollars, but after November 15 it started to grow above 330 dollars steadily. It reached 364 dollars on November 19, and now it is traded at a price of 358 dollars. Naturally, the market capitalization followed a similar trajectory and at the moment is above 34 billion dollars. Yep, as the table in the end of the article shows, Ethereum is number two in market capitalization beating the third, Bitcoin Cash, by 14 billion dollars...

This rise shows investors believe in Ethereum’s potential despite the recent trouble regarding the Parity multi-sig hack and the possible need for a hard fork to unlock the frozen 500,000 ETH.

The strong gains for all cryptocurrencies, shows that altcoins finally are recovering from the shock of Bitcoin’s bull run in the last two months. And it is nice to see that happening at a critical timing when Bitcoin continues it rise to the moon breaking the 8,000 mark. At the moment of writing, most top-10 altcoins are rising except for NEO (-5%) and a slight correction in Ethereum’s price (-0,73%) after the weekend's +7% rally.


Disclaimer: This article should not be taken as, and is not intended to provide, investment advice on Bitcoin, Cryptocurrencies or finance in general.