The ethereum price has topped $300 in today’s trading, reaching its highest level in over a month. According to Coinmarketcap, the second-largest cryptocurrency was last seen trading above $300 on June 30.
Ethereum (ETH) reached an intraday high of just above $311 today and it price currently (as of 08:18 BST) stands at $303.67. The altcoin has gained 11.5 percent over the past 24 hours and over 30 percent since the start of the August 2 session, when it traded at $227.
Ethereum’s rally comes at a time when larger rival bitcoin (BTC) is venturing into an uncharted territory. Yesterday the bitcoin price broke above $3,500 for the first time, and while it was unable to maintain that level, it remains well above $3,300.
Interestingly, it appears that ethereum has surpassed bitcoin in terms of trading volume. According to Coinmarketcap, ethereum’s 24-hour trading volume currently stands at $2.32 billion, compared to $1.7 billion for the original cryptocurrency.
In a comment to CNBC yesterday, the founder of Standpoint Research Ronnie Moas, pointed to the growing investor confidence as the main driver of the latest cryptocurrency rally.
“That's what supports the cryptocurrency right now, confidence," he said. “If there's something that shakes people's confidence in crypto then they will sell off. The further we get into this game the less likely you will get something like that."
Last month Moas published a report, forecasting that the bitcoin price would reach $5,000 and ethereum’s value would double (based on the coin’s price at the time) to $400 in 2018.