The Ethereum price (ETH/USD) has surged over the $400 level after posting significant gains in the past 24 hours.
The second-largest cryptocurrency on the market made most of its gains in yesterday’s afternoon trading, when it bounced back from an intraday low of $393.88 to finish the session at $414.24. This was Ethereum’s highest close since April 03.
The digital coin has risen further since the start of today’s trading, although its advance appears to have slowed down. According to data from cryptocurrency tracker Coinmarketcap, the Ethereum price is currently hovering around $418, having hit an intraday high of just over $419 earlier in the session.
Ethereum’s rise appears consistent with a larger uptrend observed across the cryptocurrency market. At the moment, all major digital coins, including Bitcoin (BTC), Ripple (XRP), Litecoin (LTC) and Bitcoin Cash (BCH) are posting significant gains over the most recent 24-hour period. EOS has been the best performing digital currency over that period, having gained more than 11%.
Ethereum may have also benefited from recent news that Golem, one of the most ambitious projects developed on the Ethereum network, is finally launching its mainnet after three years of development. The project, which aims to create a peer-to-peer market where users can rent out the excess CPU power of their computers to be used by other people, conducted a high-profile initial coin offering in 2016, where it sold out its GNT tokens in 20 minutes, raising 820,000 Ethers. At the time of writing, the GNT token was trading at $0.277, having gained nearly 21% in the past 24 hours.
Meanwhile, the Ethereum price stood at $418.27, as of 11:10 BST. The digital currency has gained 5.7% in the past 24 hours. Its market capitalisation currently stands at $41.3 billion.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.