Ethereum holds stable above $230 following market rally

Ethereum (ETH) has just reclaimed the $230 price point after pumping by almost three percent in the last day. The cryptocurrency now has a market capitalization in excess of $25.3 billion—adding $700 million to its value in less than a day.

After touching as high as $234.18 earlier today, Ethereum has since fallen back to hover around $230.83. Overall, the cryptocurrency is up 1.5% in the last week and more than 14% in the last month.

Although its value is up, Ethereum trading volumes have been on the decline since late February—decreasing by 40% as the market failed to maintain its earlier vigor. Regardless, it appears the momentum is favoring the bulls, as Ethereum is now holding steady at $230, a value the cryptocurrency has struggled to break for more than two weeks.

Despite its recent bullish momentum, Ethereum is currently performing worse than many other major cryptocurrencies, as gains of four to five percent are common across the board. Likewise, Ethereum has also shrunk against Bitcoin (BTC) in the last day, continuing more than two weeks of decline against the number one cryptocurrency.

Among these, Bitcoin Cash (BCH), Binance Coin (BNB) and Tezos (XTZ) are some of the frontrunners, each up more than five percent, whereas Bitcoin isn't far behind with 3.7% gains in the last 24 hours.