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This week has been tremendous for all the top cryptocurrencies as they surge higher against the USD. We can’t possibly tell how long this bullish momentum will last, but these are great positive signs for the crypto market, especially for the current Ethereum price against the US dollar and bitcoin.
According to Coinmarketcap, Ethereum to US dollar is above $800, and Ethereum to Bitcoin trades 0.0824 BTC at press time (10 am GMT), which is a healthy development for the cryptocurrency. The last time we saw this kind of surprising event was in 2017 when Ethereum to Bitcoin ratio soared to 0.15 BTC.
The last 24 hours have been really great for Ethereum as it surged over 11.60%. And for the first time since March 2018, Ethereum has succeeded in breaching the resistance and soared above $800. Other top cryptocurrencies are also maintaining strong gains, with bitcoin shooting for $10k.
A Stable Demand for Ethereum
The demand for Ethereum has not declined a bit with a trading volume of over $4.07 billion within the last 24 hours. Things look promising for Ethereum as its trade volume could still go higher. If the demand for the cryptocurrency increases, it would be able to maintain a stable price above $800.
Binance, who was the largest cryptocurrency exchange by Ethereum trading volume, lost its position to BitFinex while Huobi follows in third place.
A few days ago, Reddit co-founder, Alex Ohanian, in an interview predicted that bitcoin will go to the moon but believes Ethereum will do better. According to him, bitcoin would be at $20k and Ethereum would hit $15k before the end of this year.
In his words:
“At the end of the year, Bitcoin will be at $20,000. And Ethereum will be at $15,000. Great, now people can call me out if I’m wrong.”
With Ethereum price a little above $800, there is uncertainty, and it would be a challenging race for the cryptocurrency. But one thing is sure in the crypto market – nothing is impossible.
