Ether has been held at bay recently, holding on to the maximum gains they’ve noticed in recent days.
The cryptocurrency, which is the local virtual token of decentralized application platform Ethereum, peaked at $1281. 23 around 8 p.
Since hitting that recent high, the virtual asset has been trading in a narrow range, most commonly fluctuating between $1,260 and $1,280, CoinDesk’s additional knowledge reveals.
At the time of writing, the value of ether is $1,271. 97, an increase of more than 5% over the past 24 hours.
[Editor’s note: Investing in cryptocurrencies or tokens is highly speculative and the market is largely unregulated. Anyone contemplating it would be willing to lose their entire investment. ]
China eases Covid restrictions
Cryptocurrency has experienced this strength at a time when Chinese cities have announced less severe pandemic restrictions after a wave of protests made global headlines.
Yesterday, Zhengzhou, the capital of China’s Henan province, announced it would remove lockdown restrictions it had imposed on “major urban areas” over the past week, Bloomberg reported.
Today, the southwestern city of Chongqing and Guangzhou, which is close to Hong Kong, revealed that they were easing covid-19 restrictions, Reuters reported. An official representing the ancient city announced that the jurisdiction would “allow close contacts of other people with COVID-19, who meet certain conditions, to quarantine at home. “
Recently, several analysts have cited the pandemic-related protests as a brake on global investor sentiment and downward pressure on cryptocurrencies and stocks.
They described those occasions as combined with the recent turmoil in cryptocurrency markets, adding that the FTX exchange collapse had a negative effect on assets.
The price of ether fell more than 5% between Thursday, November 27 and Friday, November 28 on CoinDesk, as market participants responded to headwinds, adding the aforementioned public demonstrations of defiance to pandemic restrictions.
In recent days, those protests have generated visibility, resulting in widespread media coverage.
While it has had a negative effect on some assets, it has softened somewhat, as “markets have calmed down after a bit of panic due to protests in China,” said Tim Enneking, managing director at Digital Capital Management.
In addition, he said that “to some extent,” ether has been oversold and then controlled to recover.
Brett Sifling, Investment Advisor, Gerber Kawasaki Wealth
“This is just a rebound from a primary downward movement in FTX and the overall crypto fallout that has occurred in recent weeks,” he said.
Disclosure: I bitcoin, bitcoin cash, litecoin, ether, EOS and soil.