Ethereum (ETH) is the ‘real winner’ in the cryptocurrency sweepstakes as the blockchain currency revels in a month of repeated price rises.
ETH has soared from US$392 on April 1 to stand at US$682 today at press time – a 75 percent increase in 30 days. Ethereum’s return to a near US$700 price is a huge vote of confidence after it plummeted from a US$1,330 high in December – fuelled by over-inflated hype around the cryptocurrency market.
The technology was in danger of losing its gloss as challengers stepped on its identity, and Ethereum believers dropped away in droves. In March, the sentiment around Ethereum was less positive after having lost a staggering 47.22 percent in value over the month.
Bitcoin (BTC) surged by 30 percent hitting a 40-day high earlier last week.
CLICK BELOW FOR LIVE CRYPTOCURRENCY PRICE INDEXES:
Bitcoin has survived a tough winter after banks and officials faced calls to regulate cryptocurrencies which saw its worth fall from a US$20K high to US$9K.
The digital currency has faced criticism by finance experts, with investment banking giant
Morgan Stanley likening the current market climate of bitcoin to the dot com bubble that, during its most exuberant period, rose by 250 to 280 percent.
The cryptocurrency landscape has changed. Mom & pop investors who drove bitcoin's skyrocket rise in 2017 have been pushed aside by government bans on trading, and replaced by cryptocurrency funds, wealthy investors, and established financial firms.
The bigger players can make bigger moves, but their trades are often obscured by screens on over-the-counter (OTC) brokerages and matching platforms. They are also less likely to chase sudden swings in bitcoin's value, being more interested in the potential of unproven but promising blockchain technology.
According to data compiled by crypto analysis website
CryptoCompare, average daily traded volumes across cryptocurrency exchanges fell to US$9.1 billion in March and to US$7.4 billion in the first half of April, compared with almost US$17 billion in December, 2017.