Markets

Ethereum’s ether token climbs to $800 as rally continues

Ethereum's ether token is continuing a rally today that has resulted in a near doubling of its price over the past month.

The second biggest cryptocurrency by market capitalisation rose 2.47 per cent to $800.74 late this morning, according to Coindesk's aggregate index. This follows on from yesterday's rally, when the digital asset rose by nearly $100.

"Cryptocurrencies have been in demand again of late, with prices making higher highs and higher lows," Fawad Razaqzada, a technical analyst at Forex, said after yesterday's rally.

Read more: Ethereum bucks negative cryptocurrency trend to reach an all-time high

"It is not clear what exactly is behind the rally but with the stock markets falling in the US, they may have found some safe haven flows," he said. "If stocks remain under pressure then cryptocurrencies could extend their gains further."

Razaqzada said ethereum was showing "relative strength" among the major digital currencies.

"The crypto has rallied sharply away from [April's $400 support] level and it has almost doubled in price."

Meanwhile, bitcoin was trading less than half a per cent down at $9,693.64 at the time of writing, continuing an upward march from its April lows.

Read more: Fintech leaders predict ethereum's market cap will surpass bitcoin's

Leave a Reply