After a rollercoaster week gave way to a quieter weekend, ethereum is on the move again, rising from a recent low of around $250 to a current trading price of around $280.
The currency is probably benefiting from a spate of new blockbuster ICOs that have raised some $700 million in just 19 days, with EOS in particular providing a spectacle as its price rose from $1 to $7 yesterday.
The bonanza probably led to some selling pressure last week, but the sums involved and the very new nature of the ICO boom has probably attracted new mainstream attention as onlookers wonder what’s going on.
Trader’s sentiment, therefore, seems to have turned bullish, but there are many on the sidelines, waiting to be slightly more sure of the recent price direction.
As such, all eyes are on $300, with many wondering whether ethereum bulls can beat the bears to pass that psychological line again like they did last month.
If they do manage to do so and the bull trend continues, the digital currencies space would have entered a new level as no digital currency has maintained a bull run for months like ethereum has.
Bitcoin, usually, barely lasts days, with others faring worse, but ethereum’s rise started months ago, in late February, with the currency going higher and higher for months.
Much of that is because of new adoption by both industry and individuals as indicated by most stats. Ethereum’s transaction numbers, for example, even surpassed bitcoin’s at some point, as did google searches.
Meanwhile, the number of ethereum subscribers in social networks like Facebook and ethtrader have increased considerably with the latter just surpassing 60,000 while managing thousands of online users at any given time.
On the industrial side, there’s hardly any household brand that isn’t already exploring or seriously considering of exploring ethereum to upgrade their capabilities.
The platform continues to add new industries it hopes to disrupt, with the latest being advertising, which joins VCs and Silicon Valley, energy and car manufacturing, traditional financial services such as remittance and the more hip social networking.
It’s probably because of this breadth of applications that ethereum alone has sustained a bull run for months, with its trading volumes consistently above bitcoin’s recently, which suggests the currency now leads in price movements.