Ethereum is going up today because the altcoin has benefited from a broad-based rally in the cryptocurrency market. The second-largest digital currency by market capitalization has gained over 5% in the last 24 hours, and is currently trading above $230.
The recent rally in Ethereum can be attributed to a number of factors. First, there has been an uptick in demand for riskier assets like cryptocurrencies as global stock markets have come under pressure due to the ongoing trade war between the United States and China.
Second, Ethereum has benefited from positive sentiment around its upcoming Constantinople hard fork, which is scheduled to take place on January 16th. The fork will bring a number of improvements to the Ethereum network, including increased efficiency and reduced transaction fees.
Investors are also bullish on Ethereum due to the continued development of its underlying blockchain technology. The Ethereum network is being used by an increasing number of organizations to build decentralized applications (dApps).
And, with the launch of Ethereum 2.0 on the horizon, there is a lot of excitement around the future of the platform.
All of these factors have combined to push Ethereum higher in recent days. However, it’s important to remember that cryptocurrencies are still highly volatile and prone to sharp price swings.
So, while Ethereum may be going up today, there’s no guarantee that it will continue to rise in the days and weeks ahead.