Ethereum Volume Jumps Above Yearly Average as ETH Coin Price Rises in Waves
Ethereum (ETH) was in flux on Wednesday as the coin price ebbed and flowed throughout the day – mirroring ETH’s trading pattern over the past week.
Trade volume for Ethereum reached as high as $3.5 billion on Wednesday, and has been elevated above the yearly average ever since the market crash on December 14th – a date which marked a nineteen-month low for ETH, as well as many other altcoins.
Ethereum Price – ETH/USD
ETH’s numbers from the start of the day’s trading until the end are basically the same – close to the $122 mark. But over the course of the day the coin price climbed as high as $125.55 according to CoinMarketCap’s aggregate numbers; while reaching as high as $126.47 on Binance.
By Wednesday evening the rally had turned out to be a brief one, and ETH was priced back down at $122.31 at time of writing. The spread between the top twenty trading venues is thin – all show a price markup of $122.
Surprisingly, the highest concentration of trades comes from DOBI Exchange – a platform which has processed close to half a billion worth of transactions in the past day. Its ETH/BTC pair accounts for $200 million of that sum – a huge number from a somewhat unknown Chinese exchange which doesn’t look too welcoming to Western users.
Something seems to be building with ETH at the moment – the coin price has pushed up in waves over the last seven days, before falling then rising again. An increase to trade volume has accompanied each surge and has risen above the $3 billion mark every time.
When ETH dropped to the $80 range in December, that’s when average daily volume suddenly increased to the $3 billion range. The same happened on Feb 6th, when the coin price hit $103 – a near two month low, and technical analysis suggests there is yet demand at this price range.
The Constantinople phase of the Ethereum network upgrade is set to go ahead two weeks from now, and all eyes will be on ETH for the build up.
In the meantime, Ethereum founder Vitalik Buterin took to Twitter to remind followers that neither he nor Elon Musk would be investing in the fictional Entropy Token (ETT). Vitalik had tweeted out this satirical tweet a few days earlier, taking aim at fast-launching scam coins which capitalize on popular trends:
“Entropy! Did I hear entropy? Well I happen to be making an ICO coin called Entropy Token, and it looks like @elonmusk supports it! Buy $ETT #ETT 𝄞ETT! Whitepaper soon!”
“To be clear, neither I nor @elonmusk actually support holding any quantity of any of these coins (at least if my mental model of @elonmusk is accurate).”
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.