Daily Trade Volume of Ethereum (ETH) Hits 12 Months High
Ethereum's (ETH) daily trade volume hit a 12-month high on September 13, to recover from a fourteen-month low of $170.26.
Ethereum’s (ETH) daily trade volume hit a 12-month high on September 13, to recover from a fourteen-month low of $170.26.
New record for Ethereum (ETH)
On Thursday, a total of 850,000 ETH tokens exchanged hands. September 15, 2017, was the last time the second largest cryptocurrency witnessed daily trade volumes at this level.
Due to the drop in price over the last 12 months, the 24-hour trading volume across all exchanges amounted to $2.33 billion, which also is its highest trade volume since July 18.
Majority of the trades were performed on BitForex, and were carried out against Tether (USDT) – over 40% of Ethereum’s trade volume proceeded from the ETH/USDT trading pair.
Shortly before the rise in trade volume, the price of the ETH coin fell to as low as $170 (the lowest ETH has traded at in the last 14 months), which likely means investors bought in at the recent dink.
An estimated $350 million in trades came in straight fiat dollars, which supports the claim that investors bought ETH as it fell below $200.
Reaction and the current price of Ethereum (ETH)
Prior to the trade volume spike, Ethereum hit a 14-month low of $170.26. As expected, the price of Ethereum reacted positively to the rise in trade volume.
In the early hours of September 13, Ethereum recorded gains of up to 23% and emerged as the best performing cryptocurrency ranked by market capitalization.
The hike consequently returned the coin to a price above the $200 mark. The overall outlook on Ethereum remains positive, maintaining an uptrend since its daily trade volume nearly doubled some days ago.
As of press time, Ethereum is currently trading at $226.17, after hitting a high of $230 earlier today. Overall, Ethereum records a gain of 6% against the USD.
Ethereum’s growth over the last couple of days could suggest that the cryptocurrency is ready to test the $250 resistance level, which it last saw on August 14.
Similarly, the weekly trade volume of Ethereum is at its highest point since December last year when the crypto market was in full swing.
Ethereum, like most of the crypto market, suffered immense price drops in August, and it seems the recent lows of Ethereum have ignited bullish growth for the coin.
Still, investors who bought the coin at US $400 are not yet satisfied.
The counter effects of these price drops are felt most by businesses and individuals who make use of Ethereum (or any other virtual currency) as their operating revenues.
If cryptocurrencies are to find massive adoption and successfully replace fiat currencies, then they would have to do so with a more stable market.