Ethereum price spikes 10%, continues gaining on Bitcoin

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has just recorded a further 10% gains to achieve a value of $165.60—its highest value since late November 2019. This recent price action continues a week of bullish momentum for the cryptocurrency, which has now gained over 19% in the last week.

Beyond this, Ethereum has witnessed strong gains against Bitcoin (BTC), climbing six percent against the number one cryptocurrency today to achieve its highest value since mid-December last year. Ethereum has also seen its trade volume more than double in the last month—reaching as high as $17.9 million in ether changing hands daily.

Although these things are never certain, it appears that Ethereum's recent gains can be attributed to recent developments in the Craig Wright vs Kleiman court case, in addition to growing economic uncertainty in Venezuela. These two events, in addition to massively increasing trade volume for most crypto assets, has led some to speculate that a new bull market is about to begin. Moreover, Coinbase appears to be struggling under the recent pressure—further evidence that interest has massively increased as of late.

Although Ethereum's recent gains are certainly significant, practically every major cryptocurrency is also seeing similar gains, with an average gain of five percent seen across the board. Can the momentum continue?