Ethereum (ETH) is getting closer to the value of 160$ per one unit, currently standing at 154$ after the crypto touched 158$ at one point at the beginning of January 5th at a rise of nearly 6% in the last 24 hours.
ETH is now recording little below 5% of gains, also recording nearly 14% of rises in the course of the last week.
At the same time, Ethereum represents one of the top trading currencies on the list of top 10 for the past week, which is how Ethereum managed to get back to its previously-held rank of the second-largest cryptocurrency.
Previously, when Ethereum was dipping big time during the notorious November dips back in 2018, ETH lost its rank to Ripple’s XRP as now third-largest cryptocurrency was one of the rare cryptos trading in the green back at the time, also showcasing less dips in oppose to its crypto peers.
However, ETH got back up a bit over the period of a single month, clearly showing a significant progress in the market.
Ethereum (ETH) Records Over 50% of Positive Returns in the Last 30 Days
After sinking by over -89% since making its all-time high of around 1,400$, Ethereum is finally showing a significant progress in the market by going towards the value of 160$.
Ethereum is also showing positive returns in the period of the last seven days, while we can also see that the crypto is going up by 15% in the course of a week and also 43% in the period of the last 14 days.
Ethereum is also scoring 51% of gains in a single month, which enabled a smooth return for the cryptocurrency that was dipping for months, touching new lows and even going below the value of 90$ at one point.
However, Ethereum wasn’t the only affected asset by the bear trends as the entire market lost -80% of total value in the course of a year.
What is Driving the Value of Ethereum Up?
Ethereum is getting ready for a very significant update in the upcoming days as the network will be releasing Constantinople hard fork which should take place once the block height touches 7,080,000.
Between January 14th and 18th, the fork is to take place, which should prepare the network for the implementation of Proof of Work, that way making the network ready for scalability solutions.
Ethereum (ETH) Weekly chart – Coinlib
However, the market appeared to be doing more than well altogether as many top cryptos managed to move up from previous lows that were brought by the price cutting November in 2018.
Additionally, Ethereum is going through important changes in the network as presented in the new roadmap for 2019, which will probably increase the value of the project and perhaps even win the departing investors back.
The new changes are also said to pave the way towards enabling up to 1 million transactions in a second on the network, which could help Ethereum network retrieve its old glory.