It has been a rough month for Ethereum. After tasting sweet highs in June and surging past $400, the cryptocurrency tanked during the month of July to the $130 mark. However, Ethereum has been on the rebound for the past few weeks. That recovery was even more apparent this morning, when it surpassed the $300 mark, if only for a brief moment.
According to EthereumPrice, Ethereum hit a high of $314 earlier this morning before settling down to its current valuation of $290. That’s still a stone’s throw away from $300, but if the current rising trend continues, we may see Ethereum cruise back towards its record highs from a few months ago.
The last time Ethereum was trading above $300 was back on June 30th, before the air was ripped from the cryptocurrency’s sails. In fact, Ethereum has risen nearly 30 percent in just the past week — it was trading at $227 on August 2nd.
Ethereum is currently the second most popular cryptocurrency with a market cap of $29 billion. However, Bitcoin is still the reining champ, with a market cap of $55 billion.
There was recently a shakeup in the cryptocurrency market, when a fork in Bitcoin resulted in the formation of Bitcoin Cash. It ranks as the fourth most popular cryptocurrency with a market cap of $5.5 billion. Bitcoin Cash is currently trading at $324, well off its high of $756 just one week ago. Bitcoin, on the other hand, was trading just shy of $2,900 on Friday and is now flirting with $3,300 mark.