On August 2 the price on Ethereum hit an all-time high of $420. Despite the rapid ETH price fluctuations investors are still very optimistic about its future.
The world of cryptocurrencies has been quite stagnated for quite some time now. The big names in the market – Bitcoin, Ethereum, and others – had been registering alarmingly low marks for several months. However, cryptocurrency analysts had been expecting the market to become bullish and the signs of this have begun to show now. Whats more interesting is that it isnt just Bitcoin that has started rising in the market now. Other cryptocurrencies like Ethereum and Litecoin have begun registering daily highs as well. Plus, looking at historical data, these big names have almost always gone up in their prices hand in hand.
The prices of cryptocurrencies had been severely affected recently owing to the COVID-19 pandemic. As much as cryptocurrencies have been considered to be immune to such market indicators, it got affected and dipped to low levels nevertheless. Ever since, the big cryptocurrencies like Ethereum, Bitcoin, and others have been trying to pull themselves up. This raised concerns about the stability of them. Plus, this has also caused investors, even traditional ones, to turn to assisted trading tools to help them stay one step ahead of the game and protect themselves from any volatile price movements. This becomes increasingly important owing to Ethereums recent price hike and the subsequent sudden dip.
In 15 Minutes, Ethereum Registered a 30% Price Hike Followed by a Rapid Dip
As of August 2, Ethereum registered a 30% price move with its price hitting the $418 mark. While this was a significantly positive thing to happen to cryptocurrencies in a long while, the upsurge was only limited because within the next 5 minutes, the price for Ethereum dropped down to $302. This is about a 27% price drop in the matter of just 5 minutes. However, the volatility of this cryptocurrency doesnt stop here. In the next 10 minutes itself, the price of Ethereum again rose to the mark of $385. These rapid shifts in its price has gotten the cryptocurrency market buzzing with excitement and waiting for another upsurge in its price.
Two significant ...