Ethereum News Update
In the last 24 hours, Ethereum processed more transactions than all of the other cryptocurrencies put together. It accounted for 51.6%.
By contrast, Bitcoin only made up 32.4% of the total. The remaining 16% was split between smaller altcoins, such as Bitcoin Cash, Bitcoin Gold, Dash, Litecoin, and Monero.
Better still, ETH transaction values were only 4.3% of the total, which means that each transaction was quite small.
This shows us that prices are not moving at the behest of some “whale” (a cryptocurrency investor that can move the price singlehandedly) but by hundreds of retail investors that are bullish on Ethereum. This matters a great deal.
Well, because it means the rally can’t be broken by one investor leaving the market. Also, it means that the rally has structural integrity, and in this case, it means that ETH could hit $400.00 after one strong trading session.
What’s Going on with Ethereum Prices?
On Thursday morning, Ethereum prices soared 7.93% against the U.S. dollar, bringing the Ethereum to USD exchange rate to $394.97. This puts ETH one strong trading session away from the $400.00 level.
Meanwhile, the Ethereum to Bitcoin rate skyrocketed 9.02% to 0.04838000 BTC.
How Active Are Investors?
Trading volumes initially dropped 15.7% between November 21 and 22, falling from $949.9 million to $800.8 million. However, they recovered overnight and through the early morning hours. At the time of writing, the 24-hour volume was at $1.36 billion.
Investors haven’t swapped this much Ethereum since November 12, which explains the strong bullish move to the upside. Investors are finally relinquishing their obsession with Bitcoin and moving down the list of altcoins. This bodes well for Ethereum prices in the future, particularly as the currency approaches such a pivotal level.
Where Is ETH Demand Coming From?
As per usual, the strongest market for trading Ethereum was in South Korea. Bithumb, the leading exchange for ETH/KRW, accounted for 13.71%. It was followed by Bitfinex, a shady exchange that accounts for another 10.70% of ETH demand.
All of the exchanges below those two failed to break into double digits. But don’t mistake that for a bad thing—it’s actually a good thing that Ethereum has such a wide base of support.
We maintain our $1,000 Ethereum price forecast for 2018, particularly since we predicted that ETH would reach $400.00 before the end of 2017. Watching it come within striking distance of that level only strengthens our belief that ETH will reach $1,000 before the end of next year.