Ethereum soars 40% as Bitcoin, other cryptocurrencies recover
(Jun 28, 2017 )
Prices of leading cryptocurrencies halted their recent decline on Wednesday, with Ethereum surging more than 20% as investors returned to the market to seek cheap valuations.
Ethereum prices jumped by almost 25% on the U.S.-based GDAX exchange operated by Coinbase to a high of $288.51. It was last at $285.97 by 5:25AM ET (0925GMT), up 21.5%, or around $50.60.
The digital currency is still down roughly 25% over the past two weeks. However, it remains up over 2,000% so far for the year.
Meanwhile, Bitcoin also logged strong gains, with prices rising 6.2%, or roughly $146.00, to $2,506.90.
Ethereum and Bitcoin have moved in tandem recently, as both cryptocurrencies printed fresh record highs earlier in June of $3,000 and $419.3, respectively.
Other prominent cryptocurrencies such as Ripple and Litecoin also enjoyed an upbeat performance, with both gaining around 2%.
Despite the rebound in Ethereum and Bitcoin, analysts continued to expect that cryptocurrencies are facing a period of correction.
Source Investing.com