The Ethereum price (ETH/USD) has enjoyed a significant boost in today’s afternoon trading, which has allowed it to revisit the $480 mark.
The digital currency yesterday topped the $480 level for the first time in 11 days, thanks to a strong rally that developed in the early hours of the session. The digital coin rose to $483.85, which was its highest level since June 23. However, Ethereum failed to defend these gains in subsequent trading and eventually finished the day at $464.20, lower than its opening level of $475.39.
The cryptocurrency’s struggles continued in today’s early trading, as its price tumbled to an intraday low of $455.19. However, this marked the beginning of a steady rally, which allowed Ethereum to return in the green and approach its recent highs. As its advance accelerated in the afternoon, the Ethereum price hit an intraday high of $481.44, before pulling back to around $478.
Ethereum’s performance in today’s session has been consistent with a larger trend observed across the cryptocurrency market. Major cryptocurrencies, such as Bitcoin (BTC), Ripple (XRP) and Bitcoin Cash, have seen significant gains in recent trading. Bitcoin has been particularly impressive, as its price jumped to a near two-week high of $6,771.92. The original cryptocurrency is currently trading at just over $6,700, according to data from digital currency tracker Coinmarketcap. The digital currency market as a whole has gained $5 billion, with the total value of all digital coins rising to nearly $275 billion
In today’s trading, the Ethereum price stood at $476.11, as of 16:25. The digital coin has gained 1.5% in the past 24 hours, Coinmarketcap data shows. It currently has total market cap of $47.8 billion, which makes it the second most valuable digital coin on the market, after Bitcoin.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.