At press time, the second-largest cryptocurrency by market cap and the number one competitor to bitcoin is trading for roughly $276. That’s about six dollars higher than where it was yesterday afternoon.
Ethereum has been the victim of several price slumps over the past few days. No matter what occurs, it seems like the currency cannot catch a break. It’s lost more value than bitcoin and is down by roughly 80 percent since last January.
However, it appears that Ethereum is showing signs of recovery, and this could have a lot to do with bitcoin’s relative behavior. For example, the currency has managed to remain sturdy despite the rejection of nine more bitcoin ETF applications from the Securities and Exchange Commission (SEC). Furthermore, technical analyses are showing that the bears have exhausted themselves, and signs of an oncoming rally are present.
If bitcoin is doing well, altcoins will usually follow suit. Yesterday, bitcoin rose by roughly $400 in just 20 minutes. The currency took Ethereum with it, which was trading for almost $290 then, but bitcoin has since slumped back to the $6,400 range, and Ethereum is now down as well. Bitcoin has garnered market dominance of roughly 50 percent, and thus controls virtually half of the cryptocurrency space.
But Ethereum has managed to jump beyond the previously settled resistance level of $272. It is now pushing against present resistance, which – you guessed it – stands at $276. Right now, the bears are a little more prominent in the Ethereum space than they are in the bitcoin space, and immediate jumps beyond $278 are not expected. Should Ethereum break current resistance levels, we are likely to see the next be at $285.
Should the currency move beyond this level, however, we could see further gains. The buyers will need to keep prices as they are – at least for the time being – for Ethereum to develop the strength it needs to push forward.
Nevertheless, trust in Ethereum’s blockchain and smart contracts capabilities continues to remain sturdy. The owners of the St. Regis Aspen Resort in Colorado are now selling Ethereum-based real estate security tokens with help from the crowdfunding site Indiegogo. The platform initially began offering ICO-based funding services last December and is looking to move deeper into the crypto space.
“Having a clear asset like the St. Regis Aspen is the beginning of signaling a shift in how people think about tokenization and investing in blockchains and crypto,” says CEO and co-founder of Indiegogo Slava Rubin.
Stephane De Baets – founder and president of Elevated Returns, the owner of Aspen’s St. Regis – also commented on the situation, explaining, “We think we have a once-in-a-lifetime opportunity to create a benchmark for what real estate tokenization looks like.”