Ethereum Briefly Crosses $700 in Crypto Rally

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Ethereum Briefly Crosses $700 in Crypto Rally

Following the continuous rise in the most popular cryptocurrency, bitcoin, ether looks to be on the verge of catching up. (For more, read Bitcoin Crosses $9,000 Again: Is This a Good Sign?)

EtherSurges past $700 Mark

The price of ether surpassed the $700 mark on Tuesday evening ET, marking the first time since mid-March. The second most valuable cryptocurrency added about $33 billion to its market worth, bringing it to over $70 billion, mainly owing to the late evening increase.

Though bitcoin, the most popular cryptocurrency, is losing market share to its peers, it continues to advance further in terms of valuation. It, too, increased by more than 6% on Tuesday, as it continues to approach $10,000. Market analysts believe the bull run will continue in the short term, and many supporters continue to expect stellar long-term returns. (For more, read Tim Draper’s Bitcoin Will Reach $250K in 4 Years.)

Over the last five days, the two largest cryptocurrencies have seen their prices increase by 16 to 20%.

Image Courtesy: TradingView

Altcoins Rally with Big Gains

The increase was broad-based, with all major cryptocurrencies gaining between 7% and 26% on Tuesday. Among the top ten cryptocurrencies by market cap, EOS was the best performer, rising more than 26 percent on Tuesday, while IOTA was the worst, rising only 4 percent. Popular cryptocurrencies like as ripple, bitcoin cash, litecoin, cardano, stellar, and NEO were trading over 7%. Ripple, which is now trading in the 0.93 per USD level, is likely to attain dollar parity.

  Crypto Exchanges Suffering Major Outflows Even As Bitcoin Soars

Because of the recent surge in cryptocurrency values, its total worth stands at over $430 billion, bringing them closer to the social media behemoth Facebook Inc. (FB), which has a market cap of roughly $465 billion.

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The increase was short-lived, and ether prices plummeted to the levels of $625 on Wednesday AM ET.

Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and neither Investopedia nor the author suggest that you do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns no cryptocurrencies as of the day this post was published.

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