Ether Just Had Its Longest Winning Run Since Late May
Ether, the native cryptocurrency of ethereum, has logged its longest daily winning run in nearly four months.
The world’s second-largest cryptocurrency by market value closed (UTC) with 1.47 percent gains on Wednesday, having risen by 3.9, 1, 3.5, and 6.2 percent on Saturday, Sunday, Monday and Tuesday, respectively, according to CoinMarketCap data.
The five-day winning streak is the longest since the end of May, as seen in the chart below.
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Ether eked out moderate gains for five consecutive days, starting from May 23 to May 27. That winning trend accelerated the bull run from lows near $140 observed on April 2.
The cryptocurrency then went on to hit a high of $364 on June 26, before deflating to $167 at the end of August.
The latest five-day winning run is backed by an uptick in trading volumes and marks a reversal from the bearish trend seen in the July-August period.
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So, there is a strong reason to believe that the pullback seen at press time could be short-lived. As of writing, ETH/USD is changing hands at $207, having hit a high of $216.60 in the U.S. trading hours yesterday.
However, despite the minor correction, ether is still up 16 percent on a seven-day basis. Meanwhile, bitcoin, the largest cryptocurrency, is down 2.66 percent.
Ether’s positive performance has boded well for other alternative cryptocurrencies. On a seven-day basis, names like XRP, IOTA and tron are reporting gains of 17, 19 and 15 percent, respectively, while stellar’s XLM cryptocurrency is up a staggering 46 percent.
Most alternative cryptocurrencies were extremely oversold and due for a technical correction, however.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
Ether image via Shutterstock; charts by Trading View
