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In the last half of 2017, the cryptocurrencies market was booming. Many new cryptocurrencies emerged and the investors started speculating on them. In the meantime, many countries and governments started taking a closer look on this industry. They were trying to establish rules and regulations to control the cryptocurrencies market. It seems like the market was not able to find a stable price for the last few months. Since the beginning of 2018, the market has been falling down. The cryptocurrencies have been losing their value and the market lost billions of dollars in just a few days. The cryptocurrencies have been falling down despite the fact that many countries are trying to control the market to prevent the investors from losing their money. One of
While the cryptocurrency market has been going through a bearish phase, Ether has managed to defy the odds and creep back up to $3600. This price increase has a few notable implications for the Ethereum community. For one, it means that Ether has managed to recover from its massive drop in value from the beginning of the year. More importantly, it means that Ether is now worth more than twice its value at the beginning of the year. Many investors are now wondering what the next move for Ether will be, especially as other major cryptocurrencies, such as Bitcoin and Ripple, have managed to turn their fortunes around.
Summary of the situation
– Ether is up 385% by 2020.
– Ethereum is gearing up for an update in July that will mark a new milestone.
Ethereum is the second most valuable decentralized currency on the market. This cryptocurrency set a new record in its value and reached $3616.10, increasing speculation about it. This new move has prompted many retailers to show interest in this growing technology.
In the cold wallet of the Bitstamp exchange, the cryptocurrency rose 4.0% to $3568.92. While Ether rose, other cryptocurrencies like bitcoin fell 0.3% to a capitalization of $57,353.03. This new drop in bitcoin totals 11% from its all-time high, when it reached $64895.22 in mid-April.
Ether rises despite market slump
Ether’s rise comes after other cryptocurrencies fell and its investors made statements. From Elon Musk, the CEO of Tesla, to Stanley Druckenmiller, the creator of Wall Street, they talked about ETH. These potential investors breathe new life into cryptocurrencies by encouraging other traders to invest in them.
Konstantin Anisimov, director of CEX.IO, said: Ethereum is supporting this positive momentum by posting a phenomenal series of all-time highs in recent weeks.
However, the EIP 1559 update also increased the capitalization of Ethereum. This proposal aims to improve the Ether token by reducing the supply and improving the overall functionality. This improvement will be implemented at the end of July, and although it has not yet been implemented, it has had a positive impact on costs.
Many cryptographers have spoken out about the EIP 1559 update and agree that it will unleash a wave of growth in cryptocurrencies. With such a dramatic change, Ethereum technology could reach a new level of its value, which would attract more investors. Without a doubt, July will be a mysterious month for Ethereum, and everything points to an upward trend.
Ether follows Dogecoin’suptrend
However, there is an upward trend in the different categories of decentralized currencies. The Dogecoin meme has also seen a significant increase in value this week. Dogecoin was a milestone in its category, rising 24,000% in less than a year before it became popular. What Doge and Ether have in common is that they have the same investor, Elon Musk, which has driven their value up.
The current crypto-currency rally highlights three favorites – Bitcoin, Ethereum and Dogecoin – that have reached significant positions. What will happen to decentralized currencies in the coming months is subjective, but could attract many investors.
Both Ethereum and Dogecoin have every chance to gain value before the end of the year. Bitcoin maintains its position as the number one cryptocurrency market.
This news might encourage you to invest in Ethereum, thanks to the recent rise on the chart. The price of Ether may continue to consolidate or even rise in the coming hours.
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