The Ethereum price (ETH/USD) has experienced rocky trading on Monday, swinging wildly between gains and losses.
The second-largest cryptocurrency on the market performed strongly on Saturday, when it gained nearly $40 to finish the day at $683.68. However, the digital coin was much more inconsistent on Sunday, as its price first came within striking distance of the $700 level, before plunging to an intraday low of $670.51. Ethereum eventually closed the Sunday session at $688.88.
Despite the modest gains posted yesterday, Ethereum has continued to experience wild price swings throughout today’s trading session. While the cryptocoin enjoyed a positive price action early on, rising to as high as $694.44, it later plunged to an intraday low of $676.54. The digital currency has since continued to experience sharp, albeit less severe, price changes. At the time of writing, the Ethereum price was hovering around $683, following another sharp drop.
Despite its current troubles, Ethereum has been one of the best performing major cryptocoins in the past few weeks. According to data from cryptocurrency tracker Coinmarketcap, Ethereum has gained around 71% since April 10, which marked the last time the coin traded below $400.
Some observers have forecast that Ethereum is poised to see even greater gains this year. On Friday, Nigel Green, founder and CEO of independent financial consulting company deVere Group, told MarketWatch that the Ethereum price “is predicted to increase significantly this year, and could hit $2,500 by the end of 2018 with a further increase by 2019 and 2020”. Green also said that the rally would be fuelled by three main factors: the growing number of platforms using Ethereum as a means of trading; the increased use of smart contracts by Ethereum and the decentralisation of cloud computing.
In today’s trading, the Ethereum price stood at $684.26, as of 16:55 BST. The digital currency has gained 0.6% in the past 24 hours and its total market capitalisation currently stands at $67.8 billion.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.