Ethereum Price Stable Despite Controversies and Regulatory Concerns

Ethereum Rebounds

If one thing can be certain this week, it is that Ethereum rebounds well. Ethereum (ETH) price continues gaining momentum despite the broader selloff in cryptocurrency prices. After declining sharply in the beginning of this year and making sideways movement during the second half of January, Ether price now continues to trade above the $1,000 mark. 

Ethereum Rebounds

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Currently trading at around $1103 (almost equal to the Wednesday trade), the price is up significantly in comparison to last months low of $811. Ethereum is growing again while other cryptocurrencies are declining at a hefty pace; Bitcoin (BTC) and Ripple (XRP) have hit their lowest levels of this year during Thursday trading.

So Why is Ethereum Stable?

Several analysts and rating agencies place Ethereum at the top of the cryptocurrency list. According to reports, several factors are considered, including technological innovation, risk, and other fundamentals, while Bitcoin and Ripple are placed in second and third respectively.

>> Rating Agency Ranks Ethereum Above Bitcoin.

After the ban on anonymous trading and strict regulatory requirements from South Korean, CoinMarketCap has again started counting South Korean exchanges in calculating the global average. The additional volume from South Korean markets has provided a support to Ethereum price, as the Ether coin continues to trade at a premium in South Korean markets than other exchanges. 

CoinMarketCap had eliminated South Korean exchanges early in the last month, which caused a huge dip in Ethereum prices.

>>Watch Out CoinMarketCap, Wall Street Made their Own Crypto Index

Ethereum trading volume topped $4.3 billion in Thursday trading, higher from yesterday’s volume of $3.8 billion. The growth in volumes signals stronger demand for Ethereum.

Moreover, the impact of the Tether controversy seems to have a lower impact on Ethereum, when compared to Bitcoin. Tether coin was mostly used to buy Bitcoin in Bitfinex exchange to create an artificial price hike.

Bitcoin and Other Cryptocurrencies are Tumbling

Ethereum Rebounds

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Over the last couple of days, bitcoin lost the momentum amid Tether related controversy and regulatory concerns. The potential ban from India also strongly impacted trader’s sentiments in Thursday trading, leading bitcoin to drop below the $9,500 level. Ripple declined more than 11% that same day, and Bitcoin Cash (BCH) and Cardano (ADA) are still falling at a double-digit rate.

  Featured Image: Depositphotos/© macondos

Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world’s leading websites including SeekingAlpha, TheStreet, MSN, and others.
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