Paolo Ardoino anticipated the rise in the price of Ethereum
Paolo Ardoino anticipated the rise in the price of Ethereum
Ethereum

Paolo Ardoino anticipated the rise in the price of Ethereum

By Marco Cavicchioli - 1 Sep 2020

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This morning the CTO of Bitfinex, Paolo Ardoino, anticipated the rise in the price of Ethereum above $460. 

Indeed, about 40 minutes before the price rose around that figure, he posted a tweet with which he shared a screenshot of the exchange’s ETH/USD buy wall. 

This screenshot revealed that there were ETH purchase orders placed on Bitfinex at a price between $457 and $458, for a total of more than 7,000 ETH, or well over $3 million. 

In other words, there were several users, with a high amount of US dollars, ready to buy ETH at a price close to $460. 

Until the day before yesterday, the price of ETH fluctuated more or less around $400, but by the late evening of August 30th, it had already risen above $420. 

Yesterday then ETH had risen above the price of $430, but this morning, thanks to the powerful volume of purchases, it rose above the price of $460. The price rose by 15% in just under 48 hours. 

A year ago the price of Ether was less than 180$, so in the last months, it has risen by 155%. In fact, considering that at the beginning of 2020 it had fallen to $130, in a year the gain was about 234%. 

In particular, after recovering the $160 threshold at the beginning of April, it ended up exceeding $200 at the end of April and then rising to $240 at the beginning of June. 

The real boom, however, was from the end of July, when the price climbed first to $320, and then to $400 at the beginning of August. 

It should be remembered, however, that it is still very far from the historic high of $1,448 recorded on January 3rd, 2018, but at the beginning of December 2017, just before the speculative bubble that brought it to an all-time high, the price was around $460. 

As a result, for the time being, it has recovered the levels it had reached before the last big speculative bubble was triggered, which in less than a month brought it to an all-time high. 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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