The cryptocurrency market seems to be recovering from the massive slump that has taken place in the past few months. Ethereum, which is one of the major digital currencies, is one of the big gainers with its price surging past the $700 for the first time in more than 30 days.
The price of the altcoin managed to rise past the $700 mark on Tuesday. However, it was part of an overall market rally which saw the entire cryptocurrency market cap rise by 8 percent. The past week demonstrated a lot of activity for cryptocurrency bulls because the entire market gained roughly $100 million. This impressive gain is great news for crypto investors because it means the market has recovered some of the gains that were wiped out when the market slumped in Q1 in 2018.
Unfortunately, the recent surge on Tuesday seems to have been short-lived because the price of Ethereum has slumped below $700 in just a few hours. The price of Ethereum at the time of this press was hovering around $665. The fact that the cryptocurrency market seems to be surging provides a compelling reason for an optimistic outlook that the price of Ethereum will go past the $700 mark once again and perhaps achieve new milestones.
The price of Ethereum has a significant impact on the performance of the entire market because it is one of the major crypto coins in terms of price and market cap. Ethereum’s market cap at the time of this press was around $65.9 billion while the market cap for the entire cryptocurrency market was just above $418 billion.
It is also worth noting that the current performance of Ethereum is great considering the long way it has come within just a few days. The price of the altcoin was below the $370 mark earlier this month. This means that the cryptocurrency has experienced massive gains that have doubled its value.
Although it is tough to determine how the cryptocurrency will perform in the future, analysts believe that Ethereum will most likely continue to gaining especially with the developments that the Ethereum team has been working on. The recent surge may have mostly involved overall market forces but the performance of the cryptocurrency should be backed significantly by the ongoing developments as Ethereum pushes towards overthrowing Bitcoin to become top currency.