Ethereum Price Thrives as Speculators Bank Big On Chinese Investors Fueling ETH Demand
Ethereum holders will be more than pleased with the way things are going right now. The price is on the rise again, which indicated some positive momentum. At this rate, it won’t take long before Ether reaches a new all-time high value. All of this is taking place in anticipation of new exchanges listing an ETH trading pair.
Ethereum Is Firing On All Cylinders
A few days ago, the Ether price surpassed the US$225 value for a brief moment. At that time, many people assumed the price would continue to rise all the way through to US$250 and beyond. That did not happen by any means, as prices started to plummet shortly after. Any sharp rise is followed by a sharp decline, and Ethereum is no exception. It was mainly due to Bitcoin running out of steam as well, though.
People who successfully held onto their Ethereum holdings have made the smart choice. As we mentioned in a separate article, it is of the utmost importance to hold your coins during a dip, as long as you believe in the project. Daytraders will have cut their losses, as is to be expected. The Ether price took a sharp nosedive and dropped as low as US$131.16, according to Coinmarketcap.
However, things have started to rebound these past few days. With the Bitcoin price on the rise again, all alternative currencies and assets are following a similar pattern. That is not surprising by any means, as it is the daily cycle of life in the world of cryptocurrency. As of right now, one ETH is valued at US$209.74. While that is not even close to US$225 or higher, it is evident this rally is not over yet. Patience is often rewarded, and this is especially true when it comes to cryptocurrency.
Do not be mistaken in thinking this price momentum can be sustained indefinitely, though. As soon as Bitcoin shows signs of weakness, alternative currencies will start to retrace as well. Then again, the road to greatness is filled with obstacles, especially in the financial sector. Anything can happen in cryptocurrency, and even though things are looking good right now, things can turn around at any given moment.
As is to be expected, the Ethereum trading volume is mainly driven by Korean exchanges. Three of the top four exchanges by trading volume trade Ether against the Korean Won. The only exception is Poloniex, with its ETH/BTC pair. Korea has shown a great demand for Ethereum, although Ethereum Classic is keeping up with the trading volume with relative ease. It will be interesting to see if this trend can be maintained over the coming weeks and months.
It is evident most of the trading momentum is driven by market expectations right now. Huobi, one of the largest Chinese cryptocurrency exchanges, will enable ETH trading soon. In doing so, the company is the first major Chinese platforms to do so. Ethereum can be traded on other Chinese exchanges already, though, including the likes of CHBTC and Yunbi. Whether or not there will be a big demand for Ether in China, remains to be seen.
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