Ethereum pumps 14% to break crucial price threshold

After smashing through two psychological resistance zones, Ethereum is showing few signs of slowing down.

1 min read

Feb 12, 2020

Ethereum (ETH) has jumped by more than 14% to reach a value not seen since July 2019. Ethereum now sits just north of $253, after climbing from around $220 just yesterday.

During this time, Ethereum has also racked up solid gains against Bitcoin (BTC), improving more than 9.5% against the number one cryptocurrency to achieve a value of 0.02475 BTC—a number also not seen since July last year.

Although this recent price action comes amidst a global market rally, which has seen practically every major cryptocurrency witness significant gains, there are several reasons people might be bullish on Ethereum right now. For one, a recent Reuters report indicates that American multinational investment bank JPMorgan Chase plans to merge its blockchain unit Quorum with ConsenSys (which funds an editorially independent Decrypt).

As a result of today's growth, Etherem added more than $3.5 billion to its market capitalization, and is now one of the fastest-growing altcoins. All in all, Ethereum is now up more than 71% in the last month, and doesn't appear to be showing signs of slowing down.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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