The second most important cryptocurrency by market capitalization breaks the $400 psychological barrier. According to Bitfinex exchange, Ethereum arrived at $426 dollars just some hours ago.
Ethereum Hits New All Time Highs
After some months of stability in the Ethereum market, today it has broken the $400 resistance level. The last time that Ethereum arrived at this price was in June when it reached $412.
This bullish market comes after the Parity hack. The second most popular Ethereum client was hacked on November the 6th and 500,000 ETH were compromised. Some days later, the company released a statement in which they announced that the funds could only be recovered with a fork in the network. Ethereum was strong enough to stand this problem and keep stable.
On Wednesday, the first Ethereum bond was released to the market. This movement comes after the Chicago Mercantile Exchange’s decision to add Bitcoin futures. JPMorgan, Moddy’s and Blockchain start-up Nirvana have created the bond for UK-based luxury goods dealer LuxDeco.
Ethereum Price and Market
Ethereum had an incredible year, as most of the cryptocurrencies in the market. All the cryptocurrencies together, account for more than $250 billion dollars’ market capitalization. At the beginning of the year, it was just $17 billion dollars.
Ethereum has now 15,5 percent of the cryptocurrency market capitalization. Bitcoin keeps being the leader with 53 percent. During this year, Bitcoin has lost great part of its market capitalization due to the price increase of other cryptocurrencies.
In addition to this information, Ethereum has managed the majority of the transactions in the cryptocurrency market. Ethereum concentrated more than half of the cryptocurrency transactions in the last 24 hours. Ethereum allows programmers to develop applications that work in the platform and they get rewarded with Ether.
We need to see if the bullish market will keep in the next days or we will see a price correction. The MACD Index is showing that the market is in an overbought situation. If the Ethereum platform keeps growing and attracting more developers, we could see even a higher price in the middle or long term.
Some months ago, Ronnie Moas has predicted that Ethereum price was going to double. In an interview with CNBC, he claimed that Ethereum was going to increase reaching $400 during this year. “I have little doubt that 1% of the money in cash, bonds, stocks and gold will end up in cryptocurrencies,” told Moas.
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