Ethereum [ETH] out of the bearish grip, enjoys a 15.85% growth
Friday, 14th September provided a silver lining to holders and investors alike as the market saw a bullish surge after a bearish market that had taken hold over the past weeks. The biggest gainer in the top 25 cryptocurrencies was Ethereum [ETH], just four days after reports showed that the cryptocurrency had suffered a 32.06% drop.
At the time of writing, Ethereum [ETH] was enjoying a 24-hour growth of 15.85% and was trading at $219.12. The cryptocurrency held a market cap of $22.34 billion with a 24-hour market volume of $42.51 billion.
The highest trade volume of Ethereum was on BitForex, which held a market volume of $998.18 million. Investors heaved a sigh of relief following the rise after a week that saw Ethereum declining steadily, which experts attributed to the sell-off of ETH by ICOs which they raised for their projects.
Some reports also showed that over $30 million worth of Ethereum was sold by ICOs over the last week, a crest untouched in two months. Financial experts also speculated that one other reason for the price drop can be the news that the Securities and Exchange Commission of the United States had suspended Bitcoin Tracker one and Ethereum Tracker one, two products offered by Coinshares Holdings. The statement released by the SEC said:
“The Commission temporarily suspended trading in the securities CXBTF and CETHF because of confusion amongst market participants regarding these instruments.”
Vitalik Buterin, the Co-Founder of Ethereum was also in the news after he had stated in an interview that the time of 1000x growth was over and that from here on, it will just be a slow incline. He had stated that the slow growth will occur because it will take time to bring in a wider set of people who will adopt cryptocurrencies.
Following Ethereum’s rise, some users expressed their joy on Reddit threads.
Claxmon, a Reddit user stated:
” All these talks of Ethereum ending has gone poof. Always hodl people, always hodl.”
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