The Ethereum price (ETH/USD) has surged in today’s afternoon trading, as the cryptocurrency market has experienced another strong uptick.
While the digital currency hit a near 11-week low of $407.95 on Friday, it managed to bounce back in the latter part of that session, notching up a close of $436.01. The digital coin continued to enjoy positive price action over the weekend, which allowed it to reclaim the $450 mark after four days of trading below that level. Ethereum finished yesterday’s session at $453.92, slightly lower than its opening level of $455.24.
Ethereum’s lacklustre performance in today’s morning session, which mirrored the wider crypto market, suggested that the recovery might have come to a halt. However, the situation changed in the afternoon, with the cryptocurrency experiencing a big price spike. Ethereum rose to a nine-day high of $479.13 earlier in the afternoon session, according to data from cryptocurrency tracker Coinmarketcap. At the time of writing, the Ethereum price was hovering around $477.
The upswing has been felt across the crypto market, with nearly all digital currencies in the top 100 posting strong gains. As a result of the sudden surge, the top 10 digital coins are seeing significant gains over the most recent 24-hour period. The No. 1 digital currency, Bitcoin (BTC) has risen to a 10-day high above the $6,600 barrier. However, EOS and IOTA (MIOTA) are the two best-performing top 10 coins at the moment, having gained 12.2% an 12.1%, respectively.
In today’s trading, the Ethereum price stood at $477.13, as of 17:05 BST. The digital coin has gained 6.35% in the past 24 hours, Coinmarketcap data shows. The coin currently has a total market capitalisation of nearly $48 billion, which makes it the second-largest cryptocurrency.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.