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It would appear that cryptocurrencies across the board have been seeing their best performances in a long time. Just as bitcoin is seeing a surge in interest, Ethereum has not been slacking, either. The cryptocurrency just hit the $300 mark, which is its best figure in over 10 months. Other crypto coins have been showing similar success in increasing their values, as well.
As of writing, Ethereum is trading at $303.96, which is a drop from the day’s high of $315.48. The fact that it was able to surpass the $300 mark is a good sign of the crypto market doing well. This also puts the crypto coin’s market cap at $32.40 billion. This allows Ethereum to retain its position as the second largest digital currency in the market.
There are reasons for encouragement with regards to this trend, especially considering how the value of Ethereum doubled since the beginning of the year, Coindesk notes. Back in December, the coin was only valued at $82, which was a steep drop from the $1,431 that it was at the beginning of that year.
For the most part, the current outlook with regards to Ethereum’s performance is bullish. In fact, there are expectations that it will surpass $350 in the next few months. However, forecasts also note that the crypto-coin might start to struggle after hitting the $400 point. In Coindesk’s report, it notes how the cryptocurrency’s other metrics have contributed to its bullish expectations.
“Supporting the bullish case is the solid rise in ether’s non-price or on-chain metrics in the last few months. For instance, ETH volumes on decentralized applications (DApps) registered record highs in April,” the report reads.
Considering that the coin has seen a steady rise in value over the past few months, including the 16.2 percent value increase it got this week that Cointelegraph reports, all indications appear green. If the forecasts are to be believed, things will only get better.
