Ethereum jumps to 1-week high as market moves positively

Ethereum jumped on Friday to its highest level in a week, resuming its gains that were suspended yesterday, with most of the majors in the crypto market moving positively led by Bitcoin, but the world's second largest currency still needs strong incentives to continue to rise during the coming period.

As of 12:25 GMT, Ethereum is trading around $220.10, up by $2.57, or 1.2%, from the opening price of $217.53, with the highest at $222.98 and the lowest at $215.58.

On Thursday, ethereum lost 0.5%, on corrections after gaining 4.2% on the previous day, the biggest daily gain since July 18.

The market value of cryptocurrencies on Friday rose by about $3 billion to $287 billion, the highest level since July 22, as most of the major currency prices in the market continued to gain momentum.

The market value is currently poised to exceed $300 billion for the first time since July 14, as signs of the end of the short-term downtrend, which has dominated most of the digital asset tradongs in recent times.

But the current positive move of most of the major currencies in the market is not enough for ethereum to achieve new highs, as the world's second largest cryptocurrency still needs strong new catalysts.

This week's session of the US Senate discussion on the crypto industry and the blockchain technology saw mixed views from US lawmakers, but eventually concluded that it is difficult to block cryptocurrency and pointed out to the need for regulation.