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Ethereum Is Up 120% From Its March Bottom: The Factors Behind the Move

NewsBTC
NewsBTC
5 years ago
3 mins read

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Since March’s lows of $90, Ethereum has bounced back with strength. So much strength, in fact, that the cryptocurrency traded at $200 — over 120% higher than the lows — just six weeks after the drop to double digits.

It’s a stark reversal that has left many analysts wondering what exactly transpired, both in terms of fundamentals and technicals, to have pushed Ether so much higher and in such a short period of time.

Here are some of the reasons why such a strong move has transpired.

Ethereum price chart
Ethereum price chart from March lows from TradingView.com

What’s Behind Ethereum’s Explosive Move

It seems that much of Ethereum’s rally has largely been predicated on investors buying into a number of positive narratives for the cryptocurrency.

Firstly, the past few weeks have seen heavy development and progress on the Ethereum 2.0 upgrade, which will dramatically increase the scalability and usability of the blockchain. Last week, in particular, saw the release of the “Topaz” testnet for Ethereum 2.0’s Phase 0 spec. Etherscan data suggests that the testnet has already seen strong adoption with around 20,000 active validator nodes.

Analysts expect the launch of Ethereum 2.0, which is on track for late-Q2 or Q3 of this year, to have an astounding effect on the price of its cryptocurrency.

Secondly, data shows that the daily value of coins transferred on Ethereum recently matched that of Bitcoin, despite the former blockchain having less than 20% of the market capitalization of the latter. It’s a strong sign that many have said bodes well for the future of Ether.

It Isn’t Over Yet

Although Ethereum has already embarked on this impressive 120% rally, analysts think it isn’t over yet.

Some of Ether’s recent rally has been predicated on the hype surrounding the impending upgrade of the blockchain, but analysts predict that once the upgrade is implemented, the cryptocurrency could perform even better.

As reported by NewsBTC previously, partner at Metacartel Ventures, Adam Cochran, explained that the introduction of Ethereum 2.0 is likely to cause the “largest economic shift in society” due to seven main reasons, which can be simplified to three:

  • Ethereum validators to cause a supply shock: With the introduction of staking through 2.0, investors will rush to buy 32 Ether to earn a return on their holdings. Cochran explained this is likely to cause a supply shock.
  • Retail investors will flood into the market: Due to this ETH demand, retail investors, which are what primarily drove up the crypto market in 2017, are likely to start investing as well, creating an even greater supply shock.
  • Fundamental demand for Ether will increase: Due to the fundamental improvements that Ethereum 2.0 will roll out, Cochran expects the market to start to scoop up lots of Ether for fundamental reasons, like to work with contracts, to use in decentralized finance, etc.

Get Prepared, Whatever Way Ethereum Moves

With this convergence of fundamental factors, it is important that investors are prepared for Ether’s price action, whatever way the asset moves.

One such was this can be accomplished is through PrimeBit, a leading margin exchange operating in the crypto industry.

Unlike other trading platforms, PrimeBit offers perpetual swaps with up to 200 times leverage on not only one cryptocurrency, but three: Bitcoin, Ethereum, and Litecoin — some of the most liquid and well-regarded assets in the industry.

primebit interface

The transparent, peer-to-peer platform offers low, competitive trading fees, deposits in both Bitcoin and Tether, and the fastest crypto withdrawals found anywhere in the industry.

Register for PrimeBit today to see how you can benefit from moves in the price of Ethereum and other cryptocurrencies.

Photo by Johannes Plenio on Unsplash
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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