The whole cryptocurrency market has been bleeding since the beginning of this year, right after reaching their all-time high. However, the past few weeks were recorded to be the worse for the cryptocurrencies has the price level took a new dip, with a majority of the cryptocurrencies being traded at its mid-2017 price. This includes Bitcoin [BTC], the largest cryptocurrency by market cap, XRP, Ethereum [ETH], Litecoin [LTC], and Monero [XMR].
Ethereum [ETH], the leading smart contract platform, turned out to be the most affected by the bear’s attack, with the coin even losing its second position by market cap to XRP. Additionally, the cryptocurrency gasped the investors as it took a swing below the $100-mark, and trading below that margin for some time.
Nonetheless, earlier this week, the market showed signs of the bull’s return, with all the cryptocurrencies slightly glowing in green. This became more apparent after all the currencies started rising by double digits, including Ethereum. This upsurge has resulted in the cryptocurrency trading above the $100-margin.
According to CoinMarketCap, at press time, Ethereum was trading at $104.66 with a market cap of $10.87 billion. The coin records a trade volume of $2.51 billion and has surged by over 11% in the past 24 hours. Along with the price, the cryptocurrency’s market cap has also seen a significant rise. At the beginning of the week, the market cap of Ethereum was estimated to be approx. $8 billion, currently recording over $2 billion hike.
The highest trade volume for the cryptocurrency is pictured on OEX, with ETH/ BTC trading pairs. The second on the line is OKEx, with the coin paired with Tether [USDT]. The rest of the exchanges in the top five includes RightBTC, ZBG, and Binance.
This occurs a few days after the official update regarding Ethereum’s Constantinople hard fork. The hard fork is scheduled to take place in Q1 of next year, around January 16. The core developer of Ethereum Foundation, Peter Szilagi announced on Twitter that the hard fork will take place at block number 7080000.
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