The tides have turned in a very interesting way for cryptocurrencies this week, as one digital currency has done what has yet to be seen. Cryptocurrencies in the top ten slot have never failed at following a certain fluctuating pattern. That said, Ethereum’s domestic coin, ether has shocked us all and resisted this predictable trend of crumbling.
As shown on OnChainFX, ether has skyrocketed by 7.44 in just the last 24 hours. The same can’t be said for bitcoin, dash, stellar lumens and litecoin that are all down by at least 3 percent. On a bigger downside, Tron is down 11 percent and Ripple has dwindled down by 8.9 percent. Ether shows no signs of tumbling as it is currently trading at $1,232.34.
All isn’t sunshine and roses for Ethereum, as Coindesk has stated that their recent price spike is covering up a lot of technical issues having to do with their blockchain system. These are no small issues either. Apparently they may be big enough to obstruct the company’s growth if no properly taken care of.
Current volume definitely gives off the notion that mega powers are colliding. CoinMarketCap has shown that just yesterday trading volumes have doubled to $8.45 billion. That’s amazing seeing that only on January 4th trading volumes were at $4,6 billion. $7.66 billion is where the 24-hour trading volume currently stands.
Despite all the crypto hype, the technical chart is currently showing that their is definitely some market exhaustion on its way. Although ether is bidding pretty decently, it is down 4.25 percent from the $1,267 record high it set yesterday. One shouldn’t put all their eggs into one basket so quickly, as things can change rapidly at any given moment. What is up next, one can never guess.