Sat, November 26, 2022

Ethereum Sees Biggest 1-Day Jump since September

Ethereum has the potential to pave the path for a $100,000 Bitcoin

Ethereum traded at $119.61 on major indexes on Monday, higher 10.10 percent on the day. It was the largest one-day percentage jump since September 21.

The move upwards pulled up Ethereum’s market cap up to $11.93 billion, or 9.16 percent of the total cryptocurrency market cap. At its peak, Ethereum’s market cap was $135.58 billion.

Ethereum had traded in a range of $114.87 to $120.56 during the previous twenty-four hours.

Over the past seven days, Ethereum has seen a slip in value, as it lost 30.14 percent. The volume of Ethereum traded in the twenty-four hours to press time was $2.31 billion or $102.7981 to $153.5527 in the past 7 days.

At its present price, Ethereum is still down 91.60 percent from its all-time high of $1,423.20 that was set on January 13.

The majority of the cryptocurrency’s trade volume was held by Coinbit, which had a hold on $336.518 million of all ETH trade. Next in line was Bitfinex, where 4.12 percent of all Ethereum trade was taking place.

Ethereum’s slump was also pointed out by Nick Core, who is a trader and a statistician at Ecosystems LLC.

“There was a major selloff last night. Ethereum will still have growth but I don’t think it’ll have the growth I had on the last bull run because there’s fewer ICOs built on it. As for the scenario now I am looking for a 109 to 120 as our next potential bottom again as we approach. I may adjust that target but that’s what I’m seeing right now,” he said.

Bitcoin, XRP also Freed from Bearish Slump

Alongside Ethereum, Bitcoin and XRP also recovered from the bearish selloff.

Bitcoin also recovered from the massive selloff on Sunday, the last trading at $4,159.4 on indexes, higher 9.06 percent on the day. XRP was trading at $0.38642, an increase of 9.26 percent.

XRP’s current hold below the $0.4 margin has led to a lot of people buying into the cryptocurrency. A majority of XRP’s trade volume was held by Bitbank, with a hold on $181.692 million of all the trade. Bitbank was closely followed by ZBG, with the exchange controlling 10.04 percent of all the XRP trade.

XRP also made some headlines recently when Cory Johnson, who is the CMO of Ripple, talked about the advantages of blockchain in finance and how the current setup can be massively improved.

“The World Bank said that the average cost of remittance was an all-time historical or low for humanity at 6.94 percent. This average business has a net profit margin of about 7 percent, but the cost of moving money across borders is about 7 percent. That means the average business has no business in being global,” Johnson said.

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