coins
23
Nov

Support for Altcoins increases- Results in Ethereum hitting a five month highs

On Thursday, Ethereum crossed $380 mark for the first time in the last five months. This recent move is said to be driven majorly by the technical analysis factors and also due to the increase in appetite of investors for the altcoins.

According to The Hacked, Ether reached as high as $383 on Thursday but later consolidated around $381 level. The total market capitalization of Ethereum is valued at $36.4 billion dollars at present.

Ethereum, the second most popular cryptocurrency of the world seems to have taken uplift at the time when the Segwit2x bitcoin hard fork backers left their plans for an original blockchain split.

Effect of Tether’s controversy

Recently Tether a newly developed cryptocurrency announced $31 million theft through a malicious action taken by a hacker. On 19th November the hacker diverted funds to a bitcoin address which was unauthorized. Tether is far from Bitcoin and Ethereum coins in terms of credibility but still the news of cryptocurrency attack weighs much on the market. Ethereum and other cryptocurrencies took a small hit this week after this hacking announcement.

Ethereum performing well over the past few days

Over the past 5 days, Ether tokens have added nearly 16% and if this continues well then the day is not far when Ethereum price will reach to an all time high of $396.

But still, Ethereum has a long and long way to go in order to reach Bitcoin price level. The first ever cryptocurrency, Bitcoin surged recently and passed $8000 mark going on a route to the new highs.

Also the talks of Ethereum derivatives are in the news. This came after Banca IMI, an agency specialist in Investment banking and Capital markets released a whitepaper saying how a smart contract based on Ether can help in evaluating default risk.

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