Ethereum Price Going Up? Find Out Why

ethereum price

Ethereum Price Going Up? Find Out Why

The rebound by cryptocurrencies across the board since the beginning of Q2 2019 has continued. Paying attention to the significant surge in ETH price in the last few days reveals that the second ranked cryptocurrency registered an 8% rise in value in the last seven day. This has motivated participants in the crypto market to ask the question: What will happen to Ethereum price in 2019.

Why Is Ethereum Price Going Up?

In a thread by one of the active analysts on Twitter, going by the identity Spence Moon, several fundamental factors are suggesting that the Ethereum price may continue in the upward movement beyond its present level. Some of the factors that were pointed out by Spencer include the following:

  1. There has been a constant increase in the daily number of addresses that are being created on the Ethereum blockchain. This comes after almost one year of continuous decline in the on-chain data. This network growth suggests an influx of participants and increased adoption, something that is good for the cryptocurrency and can influence further growth in price as a result of increased demand.
  2. Apart from Bitcoin which is also surging in price, Ethereum is the only other public cryptocurrency with a significant market for security paid in fees. With over $53K paid in fees in 24 hours, Ethereum is experiencing an increased use case scenario, revealing itself as an important element for transaction.
  3. Based on information from ViewBase, the exchange overflow of ETH over the last one month is ranked 10th among other 119 ERC20 tokens. This figure suggests that there is a significant accumulation of Ethereum, which is usually a good sign when upside momentum is being considered.

The above mentioned scenarios are just a part of the 17-posts-long thread by Spencer that tries to explain what will happen to Ethereum price in 2019. Other factors include the volume of ETH locked in financial applications, a continuous growth in the daily amount of gas being used on the Ethereum network, and the readiness of CFTC to approve ETH futures, among others.

Are Traders Holding Ethereum?

These factors, coupled with the market behaviour of recent times are making traders and investors stock up on cryptocurrencies, especially Ethereum.

This is further enabled by the easy access into the crypto market that is provided by CryptoFish and other similar platforms. Customers can now purchase Bitcoin, Ethereum and other cryptocurrencies using their debit and credit cards and the coins are sent directly to their personal wallets in real time.

After the crypto winter that lasted over a year, the mood around the cryptocurrency market seems to be changing. The gloomy outlook that heralded a prolonged decline for over 12 months seems to be giving way to a more active market for crypto enthusiasts.

With the significant role that Ethereum played all through the vibrant market period of 2017, and its significant slump throughout 2018, the signs that it has displayed lately is creating serious interest among participants as to what will happen to the Ethereum price in 2019.

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