How Did Ethereum Take Over Ripple With 80% Gain in One Month?
发布时间：2019-01-03 14:12:47 发布人：TokenString

Over the past 30 days, the Ethereum price has risen from $83 to $150, by 80 percent against the U.S. dollar in a strong corrective rally.

The Ethereum price chart (Ethereum / Dollar)

On January 2, following a seven percent increase in its price, Ethereum (ETH) surpassed Ripple (XRP) to reclaim its throne as the second most valuable cryptocurrency in the global market.

How Did Ethereum Rise by 80% in 30 Days?

Two main factors have likely contributed to the short-term surge in the price of Ethereum in the past month: oversold conditions and the upcoming Constantinople fork.

From early November to mid-December, Ethereum experienced a steep decline in value as its price fell from $220 to $83. Despite its recent 80 percent climb, the asset is yet to achieve November levels and would still have to increase by an additional 46 percent to rise back to $220.

The market demonstrated oversold conditions subsequent to the sudden decline in the price of Ethereum from November to December, relieving sell-pressure on the crypto asset and allowing the asset to recover.

Upcoming Ethereum fork “Constantinople” is increasing the demand for Ethereum.

According to Alex Krüger, an economist and a cryptocurrency trader, the upcoming fork of Ethereum called Constantinople is increasing the demand for Ethereum, as the fork would reduce the block rewards of ETH from 3 to 2.

“Notable outperformance of ETH over BTC in the last few weeks. There’s a reason for it: the upcoming fork / supply reduction. Another BAKKT delay adds to it,” the trader said.