Following its big surge Thursday, Ethereum has broken through the psychologically important threshold of $400, establishing a new all-time high - currently hovering above $450.
image courtesy of CoinTelegraph
As CoinTelegraph reports, despite some market stagnation caused by the news of the $280 mln Parity wallet hack in early November, the second-most-popular cryptocurrency looks stronger than ever, now with a market cap over $43 billion.
That is bigger than Capital One ($42.3bn), The Intercontinental Exchange ($39.6bn), and eBay ($37.5bn).
Just as Standpoint Research founder and analyst Ronnie Moas forecast in July, Ethereum has topped $400 (doubling since his projection).
ETH has surged from below $350 to over $450 in the last few days...
To a new record high... (surpassing June 2017's previous peak at $407)
As CoinTelegraph reported, Moas claimed that the cryptocurrencies will sustain their solid performance and steal some shares of other assets like stocks, bonds, fiat currencies and other precious metals in the market.
"I think investors should take a shot on this and hold for a few years. If you lose a few bucks, at least you took a shot," he said.
"In life, you miss every shot that you do not take. It will probably be more upsetting to watch it (from the sidelines) go up another 1,000 percent."
Aside from the two leading virtual currencies, Moas also forecast that the price of the digital currency Litecoin will increase by twofold to $80 per coin.
What is driving the resurgence in Ethereum?
CoinDesk notes that total trading volume jumped to $1.845 billion yesterday – the highest since Sept. 15. A high volume rally indicates strong hands are at play and more records could be set over the weekend.
Again, South Korean desks are firing on all cylinders. Volumes in the ETH/KRW pair offered by Bithumb, one of the largest cryptocurrency exchanges in the country, have gone up by 13.57 percent today.