Why Ether Is Rising Today?
Today the crypto market has continued its recovery and edged higher in afternoon trade.
According to Coin Market Cap the entire crypto industry reached the market value of nearly US$265 billion.
The price of Bitcoin is up marginally over the last 24 hours to US$6,830.35 per coin, but the best coin by some distance has been Ethereum.
The price of Ethereum has risen 3.3% since yesterday to US$416 per coin with a market value of almost $41 billion.
This latest push higher has now extended Ethereum’s gain since Friday afternoon to over 12%.
Why is Ethereum on Fire?
Like Bitcoin, Ethereum has survived its own death cross. It is a technical indicator, which happens when there is a bearish crossover between the 50-day moving average and the 200-day moving average.
It often results in traders hitting the sell button in a hurry, driving an asset’s price down significantly.
But the sell-off hasn’t materialized and prices went up, giving trader sentiment an additional boost.
Another possible catalyst is the arrival of Golem. It is a peer-to-peer market that puts a computer’s excess CPU power to use for other people.
Time will tell whether the project will be a success, but it’s a big idea and can easily get success.