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Ethereum continues to trend upwards

Photo of: Joseph Stone
by Joseph Stone

Ethereum continues to have a good week: it increased by 10% today, which brings it to an increase of 66% in the last seven days. In just over an hour, the price has gone from $1,225 to about $1,280.

This is dangerously close to a new all-time record: Ethereum broke the record of $1432 for the last time on January 13, 2018.

The rest of the market is also doing well. The global market capitalization of cryptography exceeded $1 trillion for the first time earlier this week thanks to Bitcoin’s success, which stands at about $40800 at the time of writing. The price of Bitcoin has risen nearly 25% this week.

A lot of noise has been made about an alleged claim by an Ethereum whale for a long position of more than a billion dollars on Bitfinex. Claiming a long position in Bitfinex means repaying all the loans that were originally taken out to increase ETH exposure and retain the assets.

Some spectators have speculated that this means that the whale, whose sudden fall could hurt the market, intends to keep its ETH because they expect the bull run to continue.

But Darius Sit, founder of QCP Capital, said the whale “was just making a profit” and “didn’t want to read more than that”.

While Bitcoin seems to be on a bit of a downtrend, Ethereum continues to show strength above $1200 and it seems like it’s not a question of whether we’ll reach the all time high but rather when.

As a reminder, when Bitcoin broke its all time high a few weeks ago, it started properly this insane run we’ve been following now, more than doubling in value. We can’t be sure that Ethereum will believe in the same way, but there seems to be a lot of confidence in the asset coming into next week which might be historical.