Ethereum, the world’s second largest cryptocurrency, was seen catching up to Bitcoin’s April 1 rally. The price of Ethereum shot up by approximately 24% over a 22-hour period, indicating that Ethereum was primed and ready for the rally.
At press time, Ethereum’s price was $169 and the market cap was $17 billion. The 24-hour trade volume for Ethereum was at $11 billion.
Source: TradingView
The price of Ethereum, as seen in the chart above, was $143 before the pump. However, the price hiked by a massive 24% in 22 hours, taking the price to $177. The price of Ethereum hadn’t reached this level since the collapse witnessed in November 2018. At press time, the price was facing resistance at the $175 to $180 level.
Over the 7-day period, the price of Ethereum was up by approximately 34%, which is a break in the coin’s sideways movement after a very long time.
Source: CoinMarketCap
Two reasons were speculated for this pump, the first being that Ethereum was lagging in terms of following Bitcoin’s lead. While every other altcoin was quick to follow Bitcoin, Ethereum didn’t. The second speculated reason was PayPal’s funding of Cambridge Blockchain Inc. Additionally, Cambridge Blockchain Inc. recently joined the Digital Identity Foundation [DIF], which includes the Enterprise Ethereum Alliance, Hyperledger, IBM and R3 Corda as members.
The effect of the pump in Ethereum’s price can also be seen by the number of transactions taking place on Ethereum’s blockchain, with 758,900 transactions. The number of transactions hadn’t reached this level in seven months. Furthermore, the address growth in the ecosystem also saw a massive increase, with the total number of new [distinct] addresses on ETH blockchain rising to 60.3 million, a daily increase of 82,312.
A Twitter user, @overheardcoffee commented,
“Did everyone forget about the $ETH – $alt correlations? pretty sure that’s still a thing in bull szn”
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