Major crypto currencies had a different run over the weekend with Bitcoin descending from its previous highs of $17,000 to settle at around the $15,900 mark although a slight rally was apparent in the early hours of Monday morning. The same could not be said for Ethereum however which continued reaching record highs and at the same time was trading at around $1150 although at one point it had even scaled up to the $1200 mark.
The other riser was Ethereum Classic which saw its levels go up to the $36-38 mark which was a fresh record for the crypto currency. These impressive gains have seen the price of ETC rise to levels that represent a 400% gain on the lows that were seen in October. Litecoin also retreated from the gains it had made in the past 48 hours and at press time was trading at around $264 – a decrease of 6% over the previous day’s prices. However the coin seems to be well supported at that level and a rise is not off the cards in the next few days.
After increasing to spectacular levels last week, Ripple has had a disappointing few days where it lost around 30% in value from its all-time high of $3.50 – undoubtedly due to considerable profit taking from investors who cashed in on their ultra-high gains. The price has now settled at around $2.70 but further falls could be seen as a correction takes place and more investors get in at the lower price levels.
The other mainstream crypto currencies such as Bitcoin Cash and Dash also saw a retreat in their price levels but the drop was not as marked as others. Dash was hovering around the 1 and 2% decrease level whilst Bitcoin Cash was at around $2,400 at press time having recovered from an intra-day low of $2,300. Interestingly enough, other newer crypto currencies such as IOTA, Monero and Cardano was largely stable although the latter recorded some declines. XLM or Stellar Lumens was also stable after the spectacular gains recorded last week.
No specific event or movement has led to the increase in the price of Ether over the past few days. The transaction volume and developer activity of Ethereum have been on the rise in general, given that the Ethereum network is currently settling more than 1.2 million transactions per day. The rise in the user activity on the Ethereum network could have led to the price increase of Ether in the short-term.
One minor factor that could have also triggered an increase in demand for Ether is the rise of adoption of decentralized applications like CryptoKitties and EtherDelta that have demonstrated the potential of Ethereum in peer-to-peer digital asset trading. All these factors have definitely impacted the Ethereum price accordingly.