By If you’ve been following the news within the crypto community for the past few weeks, you’ll agree that Bitcoin (BTC) has been garnering a lot of positive attention. This, of course, is due to the fact that it has doubled in price since April. The world’s second largest cryptocurrency, Ethereum, however, has been slow in catching up but it seems the digital asset has finally started showing signs of gains.
According to cryptocurrency experts and data gleaned from CoinMarketCap, ETH has indeed been on a steady uptrend for the past four months. The coin has doubled from February’s low of just over $100 to its current price of $253, However, in April, ETH did slow down at around $170 as Bitcoin aggressively rallied with its gains.
However, during the recent bullish market in the past ten days, Ethereum has finally started to lift off, breaking through the $180 resistance and spiking to a 2019 high of $270 last Thursday. Furthermore, ETH achieved a daily spike volume to an all-time high of nearly $19 billion with ETH trades exploding.
Last week saw Coinbase recording the highest weekly ETH trading volume since 2017. The exchanges two most popular ETH markets being ETH/BTC and ETH/USD saw a total of 3,675,570 units of ETH being traded from May 13th to May 19th. The current market price of around $250 has a converted value of over $918 million, which is ETH’s highest weekly total since mid-December 2017.
Since last week, ETH has retained a price over $230 and has climbed back to around $250 in the last couple of days. The difference this time around is that Ethereum is not being utilised for ICO investment but is being bought by investors.
As we know, scalability has always been the most pressing issue for Ethereum, but this will no longer be an issue once the Serenity upgrade has been implemented. The upgrade will introduce sharding, proof-of-stake as well as a new virtual machine. The scheduled update will take place later this year, according to Ethereums roadmap.
Ethereum’s prices are highly unlikely to remain this bracket for long, especially if we consider the upcoming upgrade to the blockchain. We could very well see an increasingly aggressive bull run from the crypto once Serenity has been implemented.
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