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The price of ether, the digital token that powers the ethereum blockchain, rebounded above $300 today.
The cryptocurrency rose to as much as $329.43 during the session, up roughly 12.4% from the day’s opening, and an increase of more than 20% in the last 24 hours, according to Coinmarketcap.
After experiencing a sharp rally that pushed it to nearly $415 around mid-June, the price of ether suffered a correction of sorts, causing the alternative asset protocol to fall below $300 on 26th June, additional CoinMarketCap figures show.
However, the cryptocurrency stayed below this price for less than 72 hours.
As for what caused ether to experience its recent upswing, analysts provided mixed responses. Some market observers, for example, investor Sean Walsh, stated that ether’s rise was merely a natural response to the recent correction in cryptocurrencies.
“The recent ether sell-off was a little drastic, so there’s undoubtedly a reversion-to-mean scenario playing out here,” he said.
Tim Enneking, managing director of Crypto Asset Fund, offered similar input, stating that ether prices rose in response to the short-lived pullback that cryptographic tokens underwent during recent sessions.