Ethereum (ETH) Price Continues Rising on Record Volumes But McAfee’s Dislikes It
ETH prices rose by 50% in the past week, but still has a long way to regain ground against Bitcoin (BTC).
Ethereum (ETH) continues on its upward march, adding more than 50% to its price in the past week, and rising more than 17% overnight this Thursday. ETH traded at $259.29 as of 6:15 UTC, breaking Wednesday’s highs of $247.45.
In an example of “volumes leading price”, Ethereum activity reached an all-time peak, with daily volumes above $17 billion in 24 hours, far outpacing even records from the end of 2017. One of the reasons is that significant inflows of funds go from BTC to ETH. But also, ETH is used in base pairs, igniting what looks like another altcoin season.
The price of ETH rose despite the oddly derogatory Tweet from John McAfee:
Additionally, Tether (USDT) inflows into ETH have grown from around $1 billion’s equivalent to as much as $1.85 billion in 24 hours. More than 43% of all ETH volumes are in the USDT pairing.
The rally in ETH prices is still tentative, but tides may be turning. ETH has been bearish for more than a year, with expectations only a few days ago that the coin was going back to $140.
The ETH digital asset may become a resource for staking in the coming years. Recent price lows under $140 meant potential staking owners had the chance to load up on the asset. Holding certain amounts of ETH may lead to price appreciation. Currently, the Maker (MKR) project holds nearly 2 million ETH as collateral, but staking may lock up more.
But the biggest strength in ETH is the connection to the market for multiple altcoins that may offer dramatic growth. That growth may be reflected in ETH prices:
While ETH has competition when it comes to alternative networks like EOS and TRON, there is still no competition when it comes to exchange adoption and general usage. ETH prices are seen extending the rally to above $300 in the current uptrend.