Within just two days, Ethereum’s value has jumped from 168 USD to 224 USD, increasing by over 33%. Even though ETH currency has received a small correction to the price of 215 US dollars, it has still managed to obtain the much-needed breathing room, which may help the currency return the momentum.
It is still too soon to decide on the successfulness of the corrective surge initiated by Ethereum and its potential to switch to the upward trend. However, the financiers in the cryptomarket show optimism, as the market capitalization of the cryptoindustry surpassed the 200 billion US dollars.
As per the digital currency market analysts, Ethereum is anticipated to keep up its rally in the short term. This is mainly due to the fact that Bitcoin has broken out of the 6,400 USD range, therefore triggering the reversal with ETH currency, which rebounded from 189 USD to 215 USD.
Such digital currencies as Tezos, BAT, Nano, 0x, TRX, Ontology, and ICON have already began registering significant gains against BTC in the range of 5-20%.
The market recovery has been attributed to the oversold conditions, also praised for its perfect timing, as the cryptocommunity sees developments in the field of institutionalization and positive regulatory efforts. Overall, financiers expect major institutional financiers to enter the cryptomarket any time soon.
The digital currency market will most probably stay in the low-price area, with its market cap fluctuating in the area of 200-250 billion US dollars over the upcoming few weeks. Stability is crucial for the market at the moment, as it recovers from its all-time fourth most dramatic decrease.