News Ethereum Rises Another 10%, OmiseGo Returns to $1 Billion

Ethereum Rises Another 10%, OmiseGo Returns to $1 Billion

-

- Advertisment -

Ethereum rose above $340 today from a recent bottom of $285 after falling due to PBoC induced panic selling over the past few days following China’s banning of ICOs.

Non Chinese digital currencies seem to have already moved on from the news, continuing a recovery with some considerable gains made across the board.

Trading levels have however somewhat fallen today to $1.2 billion for eth, down from around $2 billion yesterday, with the price rise seemingly much slower than the fall.

Ethereum Rises Another 10%, OmiseGo Returns to $1 Billion
Ethereum’s recent price action.

It’s too early to say whether this recovery will be V shaped like the previous ones, or whether what appears to be bullish sentiment is just a cat bounce.

But there has been some good news for ethereum with Raiden entering testing, the final stage before live production use, so potentially increasing eth’s transaction capacity.

Moreover, China’s market seem unperturbed, with the CNY trading pair standing in second place after South Korea, suggesting interest and/or demand in China for ethereum remains high.

Ethereum Rises Another 10%, OmiseGo Returns to $1 Billion
Ethereum’s top trading pairs.

Interestingly, the bitcoin pair has fallen to 8th position, suggesting bitcoin has considerably reduced in influence for ethereum, as fiat pairs account for the vast majority by far.

But the BTC pair retains some influence for ethereum’s most successful token so far, OmiseGo, where it stands second, behind the dollar, with eth in fourth position.

Ethereum Rises Another 10%, OmiseGo Returns to $1 Billion
OmiseGo’s top trading pairs.

The token has seemingly fully recovered. Returning to a market cap above $1 billion while its price is just $1 away from the all-time high reached five days ago.

That may be because the token might be unaffected by PBoC’s announcement, although that remains unclear, but the project is not China based.

Therefore it seems to have experienced a somewhat sharp V recovery, although more time and price movement is needed to determine whether it’s returning to its bull market direction or just bouncing.

Ethereum Rises Another 10%, OmiseGo Returns to $1 Billion
OmiseGo’s recent price action.

That’s a question that applies more widely to the entire space and the answer will be interesting once we find out as it may show what level of influence China retrains, or its regulators.

Arguably, since their heavy-handed intervention at the beginning of the year, when they temporarily froze bitcoin withdrawals, their influence has considerably reduced.

With China in many ways replaced by South Korea, which sees its exchanges handle far more volume than any other trading pair for many of the most prominent digital currencies.

 

Source link

Latest news

Bitfinex Is Paying hackers to recover stolen Bitcoin from 2016 hack.

How can you trace $1.3 billion dollars from a Bitcoin heist? The Bitfinex cryptocurrency exchange offers the...

How to Make Margin Trading More Profitable Than Spot Trading

In the financial sector, there are different ways of trading assets and commodities, Both spot trading and...

The 3 Main Reasons Behind Bitcoin’s Rise

Bitcoin is famous for its volatility, but has been unusually calm in recent months. The digital currency...

US Banks Can Now Open Bitcoin Accounts? Is This a Good Thing?

Do you remember what was said by the banks against cryptocurrencies? That it's nothing worth talking about...
- Advertisement -Ethereum Rises Another 10%, OmiseGo Returns to $1 Billion

PlutusDeFi’s Plans To Let Decentralized Finance Fans Lend And Earn On Idle Assets

German-based non-profit dGen speculated the industry could surpass the trillion-dollar mark in the next decade. They wrote...

Cryptocurrency Has Brought A New Wave of Transaction

The most beautiful definition of a cryptocurrency suggests that it is a digital currency, which is crafted utilizing the...

Must read

How to Make Margin Trading More Profitable Than Spot Trading

In the financial sector, there are different...
- Advertisement -

You might also likeRELATED
Recommended to you