Ethereum has been leading crypto markets in recent weeks and its return to bullish territory yesterday has reversed any pullback momentum. These three reasons are why ETH is performing well.
Total crypto market capitalization has jumped by around $15 billion over the past 24 hours as it barrels towards $300 billion once again.
Bitcoin is back in five figure territory but it has been Ethereum in the driving seat. Since its dip earlier this week ETH prices have regained 16% to top out at $285 according to Tradingview.com. The asset has made 120% so far this year which triples the gains of its big brother.
As observed by industry analysts, ETH trading volume has skyrocketed over the past week.
— Alex Krüger (@krugermacro) February 18, 2020
So what is driving all the ETH bullishness?
Low Price From ATH
Ethereum is still at a very low level from its all-time high and can really be considered as still in a bear market until it breaks $400.
At today’s prices ETH is still 80% down from its peak whereas bitcoin is less than 50% down. Even after its recent rally, Ethereum prices are still viewed as a good buy with a lot of potential to go higher.
ETH 2.0 Hopium
During late 2019 Ethereum was under fire from all angles for delays in pushing Serenity out and the Muir Glacier fork which extended the difficulty bomb.