Three of the major cryptocurrencies including Ethereum, Bitcoin Cash and Ripple have all recorded large gains in the rage of 4 to 12 percent over the past 24 hours, helping the market cap to increase by $13 billion in valuation. The Ethereum price was particularly in the spotlight, surging 5%.
Despite the fall past week, ETH, BCH, and XRP increased substantially overnight. The tokens including Ontology and Zilliqa also recorded 12% gains and outperformed BTC. This rally has again demonstrated the willingness of investors to take more risks despite the recovery periods and high volatility.
Ether has performed well against the US dollar too, rallying for the first time since April 7th. Since May 28th, the Ethereum price has increased from $500 to $623 rising by more than 24%.
Still, traders are not highly confident in this short-term performance. Obviously, we need to see more from the leading cryptocurrencies – and a lot is expected for sure. Bitcoin’s daily trading volume also sank below the $5 billion mark. Considering the minor movement in the price of BTC, it is highly possible that the cryptocurrency market struggles to maintain momentum in the next couple of days – hence the slight correction.
Meanwhile, there is still some mid-term optimism in the minds of investors. They are willing to take at least three to six months before they enter the cryptocurrency market with new investments in tens of billions of dollars. Obviously, until then, the Ethereum price and other cryptocurrencies must exceed their expectations.
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