RATE Group | Market Wrap: Here’s Why Ether’s Price Has Jumped 65% So Far This Year
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Market Wrap: Here’s Why Ether’s Price Has Jumped 65% So Far This Year

20 May Market Wrap: Here’s Why Ether’s Price Has Jumped 65% So Far This Year

Posted at 06:38h in Cryptocurrency News by

While bitcoin (BTC) is often discussed as the cryptocurrency best suited for turbulent times, the price of ether (ETH), the second-largest digital asset by market capitalization, has been substantially outperforming bitcoin since the start of 2020. But ether has much different technical dynamics to consider than bitcoin.

As of 20:00 UTC (4 p.m. ET), ether was trading at $211, a loss of less than a percent over the past 24 hours. The native cryptocurrency of the Ethereum network was close to its 10-day moving averages, a technical indicator signaling sideways trading, with little price movement. Ether dropped as low as $209 earlier in the day on exchanges such as Coinbase, then hit $215 at 11:00 UTC (7 a.m. ET). 

ethmay19
Ether trading on Coinbase since May 17
Source: TradingView

Amid the recent hype about the halving, a once-in-four-years event that reduced the supply of bitcoin and the proclamations of investors like Paul Tudor Jones II that bitcoin is a good investment in an extraordinary…

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