Ethereum has seen a price increase in the last days. It has reached $535 dollars in GDAX exchange on December the 9th. This represents a price of about 28 percent in less than 48 hours. At the moment of writing the article Ethereum’s currency, Ether, is being traded around $460 dollars.
Bitcoin Down Ethereum Up
During the last few days, the cryptocurrency market has been highly volatile with major increases for some cryptocurrencies. Bitcoin has ben growing at an unprecedented rate. On December the 6th Bitcoin price was $12,500, two days later its price surged up to $18,400 dollars. Since that moment, the famous cryptocurrency has lost 30 percent.
Investors from other currencies decided to move towards Bitcoin when the bullish market exploded. Everyone wanted to participate from this price increase. That’s why the majority of the currencies lost some of their value. Bitcoin is down almost ten percent in the last 24 hours.
But one Bitcoin stopped growing, Ethereum and Litecoin received big support. Ethereum has reached its highest price ever, and Litecoin has reached $150 dollars. At press time, Ethereum is 7 percent down with a market capitalization of $43.55 billion dollars. The total market capitalization of the cryptocurrencies arrives at $417 billion.
How Bitcoin Futures Influence the Market?
On December the 10th, the Chicago Board Option Exchange (CBOE) will launch bitcoin futures. This situation has created enthusiasm in the cryptocurrency community. Big institutional investors, like banks and hedge funds, have now the possibility to invest in Bitcoin. While small exchanges do not offer a safe platform for important investors, these regulated futures markets will bring important funds to the market.
Etheruem has had $2 billion dollars’ volume with GDAX and Bitfinex managing the most money. Coinbase was the most downloaded app on the App Store and this situation could bring several investors to the market. Indeed, Litecoin and Ethereum received an incredible support and most of the volume was focused in GDAX. GDAX is the exchange platform owned by Coinbase, this may explain why ETH and LTC performed better than other currencies.
At the moment, the markets are waiting for the bitcoin futures launching in the coming hours. There are no huge gains or important loses in the last hours. This important money could push the price up but could also have unexpected results and create a bearish market. But the majority of the experts agree that it is an important opportunity for the cryptocurrency market to be legitimized.
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Tags:bitcoinCryptocurrency MarketETHetherEther PriceEther ValueEthereumEthereum PriceEthereum ValueMarket