Ethereum price (ETH/USD) surges past $300 as altcoin recovery underway
The Ethereum price (ETH/USD) has returned over $300, bouncing back from a one-month low.
Yesterday, the second-largest cryptocurrency on the market fell to $277.57, its lowest price level since September 23. However, the coin gained some positive momentum in the latter part of the session and closed at $286.97.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
The uptrend continued during the early hours of today’s trading, with the Ethereum price spiking to an intraday of $310.65. According to data from cryptocurrency tracker Coinmarketcap, Ethereum is currently trading at around $306, having gained more than 65 over the past 24 hours.
Altcoins such as Ethereum have had a couple of rough days following Bitcoin’s record-setting run on Saturday, but it seems that a recovery is already underway. Most altcoins in the top 10 have posted significant gains over the past 24 hours, while Bitcoin has lost 2.5% of its value over the same period.
The price increases coincide with a notable improvement in market activity. Ethereum, in particular, has seen its largest 24-hour trading volume in 10 days. According to Coinmarketcap, some $780 million worth of Ether tokens have exchanged hands over the past 24 hours. A breakdown of that volume shows that Hong Kong-based cryptocurrency exchange Bitfinex accounts for 16.7% of the global market activity. The US-based trading platform GDAX captures 10.5% of the volume, while South Korea’s Bithumb comes in third place with 9.1%.
In today’s trading, the Bitcoin price stood at $305.70, as of 09:42 BST. The digital coin has gained 6.8% over the past 24 hours.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.