Ethereum Surges; Will It Hit $500 Soon?
Ethereum – the world’s second-largest cryptocurrency by market cap and the primary competitor to bitcoin – has surged overnight by more than ten percent and is currently trading for well over $477. This is a spike of more than $30 over the past 24 hours.
Ethereum Has Jumped Beyond $470
On Monday August 31, the currency was trading for around $443, having broken $400 just two days prior. The entire week before, Ethereum had encountered a period of relative stagnation, hanging about the high $300 mark throughout all that time and making many traders wonder if it really had the guts or the intuition to spike into the $400 range.
Recently, the currency showed that it did. Furthermore, it has what it takes to take mega leaps that could potentially see it hit $500 in the next day or two granted it’s able to keep up its present level of momentum.
Ethereum appears to be following in the footsteps of several cryptocurrencies as of late, the biggest one being bitcoin. Whenever bitcoin moves high, other currencies seem to follow suit, and today is no exception. The world’s number one cryptocurrency has once again moved beyond the $12,000 mark for the first time in a few weeks and brought everyone’s confidence back up.
In addition, Ripple – the world’s fourth largest cryptocurrency after BTC, Ethereum and Tether (a stable currency) – has shot up by about 12 cents over the past six weeks, jumping from 18 cents to 30 cents per unit, and yearn finance (YFI) has put every token to shame by surging more than 3,000 percent and jumping from approximately $1,000 per unit to about $30,000.
The currency has ultimately brought bitcoin’s reputation down a few notches considering BTC held the record at one point for the world’s most expensive cryptocurrency. The asset was trading for roughly $20,000 in December of 2017, which is about $10K less than where YFI presently stands.
But putting cryptocurrency aside for a moment, global markets everywhere appear to be entering bullish territory as stocks recently posted their best August in approximately 36 years, while not too long ago, it was mentioned that gold was trading for its highest point in history (over $2,000 per ounce), and was on the verge of potentially reaching $2,300.
Assets Everywhere Appear to Be Correlated in Some Way
Stocks, gold, crypto and assets everywhere appear to be doing quite well at the time of writing, which leads one to wonder if the effects of the COVID pandemic are finally beginning to subside. Could the world finally be getting its economy back, and if so, are we likely to see these assets surge even more?
Either way, we’re noticing heavy correlation between all assets as of late. When one does well, the rest appear to follow, and we can only hope this newfound shared bullish attitude lasts.