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The ethereum price rose to $ 300 on Wednesday when the broader cryptocurrency market recorded a double-digit recovery.
Ethereum suffered a colossal sell-off during the early part of the week, falling to $ 249 on Monday and leading many to wonder whether the second largest cryptocurrency status as a launchpad for initial coin offerings (ICO) made it particularly vulnerable to the effects of the bear market.
However, ETH roared to Wednesday's life, with a staggering 17 percent increase to drive the unstoppable large cap index. At 4:00 pm UTC, the price of the ether had cracked the $ 300 level, and continued to operate at that point when this article was written at 17:30 UTC.
It does not seem to have been a specific trigger for recovery, apart from the fact that the market was perhaps oversold at the start of the week. That said, the rally correlated with the issuance of $ 120 million of new Tether tokens (USDT) between Tuesday and Wednesday, suggesting that new capital is entering the market.
However, as CCN reported, Arthur Hayes, CEO of cryptocurrency derivatives trading BitMEX, said he believes that the etherum price will eventually fall below the $ 100 mark before the bear market is over.
Featured image from Shutterstock
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