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Ether Holds Above $1,200, Bitcoin Plays Defence

The price of ether, the native token of the ethereum platform, is resisting the bearish trend currently prevalent in the top 10 cryptocurrencies by market capitalisation.

According to data from OnChainFX, ether (ETH) has appreciated by 7.44% in the last 24 hours.

Meanwhile, bitcoin, litecoin, stellar lumens and dash are down at least 3% each. Tron is also down 11%, while Ripple (XRP) has depreciated by 8.9% on the day.

As of writing, ETH is trading at $1,232.34 levels.

However, ethereum’s recent price surge is concealing technical problems linked to some blockchain operations, issues that could halt growth if not fixed.

Also, according to figures from CoinMarketCap, trading volumes almost doubled to $8.45 billion yesterday from the Jan. 4 volume of $4.6 billion.

The 24-hour trading volume is at $7.66 billion. A high volume rally shows strong hands are at play.

Despite being well bid, ETH is still down 4.25% from a record $1,267 that was recently set.

Bitcoin meanwhile, remains on the defensive, despite yesterday’s steep recovery from $14,000 levels.

OnChainFX indicates that bitcoin has depreciated by 4.54% in the last 24 hours. As of writing, bitcoin is at $14,750 levels.

The BPI fell to a low of $13,957.19 at 15:14 UTC yesterday, reportedly due to a sell-off triggered by price data site CoinMarketCap’s unannounced decision to exclude three Korean exchanges from its averages.

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