Ethereum grows 24% in one week and somehow loses 14% against bitcoin.
- Ethereum gains 24.7% week-on-week
- Ethereum loses 14% in value against bitcoin
- Concerns over changes to Ethereum blockchain
Ethereum (ETH) has performed strongly increasing its price by 24.7% this week alone. Ethereum has shown consistent gains virtually throughout the entire week. In previous weeks ETH has shown wild swings from high to low. This week has seen a persistent strengthening of ETH.
ETH has managed to lose 14% in value against bitcoin. Even considering the strong 24.7% gain in price, ETH has still lost over 14% of its value against bitcoin. Even though ETH has shown strong and consistent gains over the week, confidence in bitcoin is outstripping ETH.
Some concerns have surfaced during the week with a proposed change to the Ethereum blockchain causing upset within the community. One of Ethereum’s most productive developers has resigned his position over changes that would see supposed data manipulation potentially come into conflict with Japanese laws.
Beginning the week at US$830.39, ETH quickly moved to its week-low of US$788.22, according to pricing information released by CoinMarketCap. From there the only way was up.
The price rise has been remarkably stable as ETH has continuously reach new highs throughout the week. By Thursday evening ETH had already reached as high as US$951.34
As the week draws to a close, ETH is sitting at its week-high of US$982.93, which is a figure representing an increase of over 24.7%.
Market capitalisation has traded in line with price for the majority of the week. Starting the trading week at US$80.99 billion, ETH market cap quickly dipped to around US$76.88 billion.
Strong market demand for an established cryptocurrency saw the ETH market cap increase steadily. By Thursday evening ETH market cap was trading at a mid week high of US$92.8 billion.
After a small correction late in the week, ETH market cap continued to perform strongly and has closed out the week on a high. ETH market cap was sitting at US$96.01 billion, as a the time of writing.
Trading in ETH has shown an incredible pattern of stability this week. In previous ETH 24-hour trading volumes had been subject to huge fluctuations in trading volumes.
The total spread from highest to lowest trading volumes were between US$3.14 billion and US$2.03 billion across the week.
What this may suggest is that the market is beginning to stabilise as the entrance of new traders is being regulated more effectively.
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