ETH tokens are currently trading at over $20 following the highest performing week for #Ethereum in recent history.
Ethereum has gained over 50%
Just seven days ago the price of an ETH token was just shy of $13, today ETH is testing its all-time highs of $21 from last June. Ethereum’s market cap has doubled in a week - with the total market cap of ETH surpassing $2 billion.
Excitement broke out following announcements that Microsoft would be adopting the use of the Ethereum protocol, perhaps the largest company so far to announce that it will embrace for decentralized smart-contract technology. Many traders are looking at Ethereum as a solid hedge against #Bitcoin, as the two markets appear to have broken their historic inverse correlation.
The dynamics of cryptocurrency markets have changed significantly in 2017
The cryptocurrency markets started with a bang this year, with Bitcoin quickly breaking resistance at $1000 before going on a meteoric tear to retest former all-time highs of $1,160 in the U.S. markets, and establishing new highs of 8888 CNY in the Chinese markets. The party appeared short-lived however as prices would quickly retrace back $900, before crashing back to $750 following news that The People’s Bank of China was investigating several major Chinese Bitcoin exchanges.
The investigations produced a temporary ban on high leverage margin trading in China, resulting in the U.S. markets taking the driver’s seat on Bitcoin trading for the first time since 2013 and a massive reduction in selling pressure in the Bitcoin markets generally. This trading climate has lent itself to spot-market trading as opposed to high leverage fueled swing-trading, leading many traders to seek out a strong hedge to Bitcoin - with many choosing Ethereum. The Chinese margin trading ban has done little to harm the momentum of BTC, with Bitcoin currently establishing new all-time highs daily.
Ethereum hasn’t been the only high performing cryptocurrency of 2017. The current price of #Dash sitting 450% higher than it was in December 2016 at approximately $41. Auger has also seen excellent gains, with the current price of $5.42 indicating that the market has risen in value by 50% so far this year.