The total market capitalization of the cryptocurrency has jumped by about $ 15 billion over the past 24 hours, when it has grown again to $ 300 billion.
Bitcoin returned to five-digit territory, but Ethereum was on its way. ETH prices recovered 16% to $ 285, according to Tradingview.com. The wealth this year was 120%, which is three times the income of his older brother.
As industry analysts note, ETH trading volume has risen sharply over the past week.
The average $ETH trading volume during the past week has been 4 times larger than the average volume for the second half of 2019. Somebody has been buying a lot of $ETH. pic.twitter.com/haWJ4JO6W0
— Alex Krüger (@krugermacro) February 18, 2020
So what is driving all the ETH bullishness?
LOW PRICE FROM ATH
Ethereum is still at a very low level from a historic high and, of course, can hold on to the bear market until it hits $ 400.
At today’s prices, ETH is still 80% below its peak and Bitcoin is below 50%. Even after the recent rally, Ethereum prices are still considered a successful purchase with a big upside.
ETH 2.0 HOPIUM
2019. In the end, Ethereum caught fire from all sides due to delays in the expulsion of Serenity and Muir’s ice plug, which expanded the complexity bomb. Developers went crazy, and investors got angry when prices fell to $ 120.
2020 The network has brought new optimism by promising that at least the first phase of ETH 2.0 will be launched this year, which will open up a new era of Ethereum capabilities.
Other PoS tokens, such as Tezos, have been working exceptionally well lately, since the exchange offers a reward for a share, which makes it easier for the worlds to participate and earn on cryptocurrencies.
ETHEREUM USE CASES
Ethereum is no longer just a fuel for ICO war chests; And it has many more use cases today.
The growing DeFi market has reinforced the notion that ETH is the money of the Internet, as if it were the foundation of this new financial environment. There were a few DeFi crashes this week, but all new technologies are having a toothache, so it's quite normal despite what Bitcoin Maxi says.
ETH is also increasingly used in the encryption game industry and is a standard platform for unauthorized tokens. Despite claims from rival platforms like Tron and EOS, Ethereum is still the industry standard for smart contracts and decentralized applications.
After a two year bear market, 2020 will be the year Ethereum recovers and shines again.