The Ethereum value excelled for the first time in the history of 850 USD, setting a new record of strong performance by decentralized applications such as EtherDelta and CryptoKitties.
Ethereum in on growing
Ethereum, the native cryptocurrency of the Ethereum blockchain network, has consistently recorded a 3.8 billion dollars trading volume overhead the past three days. Over the past 24 hours, on December 19, the price of Ethereum has risen by nearly 20%, from 718 USD to 870 USD.
With a few exceptions, such as Bitcoin Cash, NEM, and Qtum, Ethereum has exceeded nearly every cryptocurrency in the market in a short period.
Earlier, Ethereum’s global daily transactions volume was sharply focused on the South Korean exchange market. BitHumb, Korbit, CoinOne, the three major shifting exchanges in South Korea, accounted for about 35% of the global transactions from Ethereum.
Freshly, the US currency exchange market has processed most of Ethereum’s transactions, with the Coinbase and Bitfinex the cryptocurrency trading platform’s, GDAX, which has set nearly 800 million dollars in daily sales from Ethereum.
Early this month, the legend of the billionaire hedge fund and investor Mike Novogratz exposed optimism about Ethereum’s medium- and long-term growth trend. Novogratz predicted that Ethereum’s price would triple by the end of 2018, from 500 USD to 1,500 USD.
Previously, Ethereum’s price has exceeded 850 USD and was close to 900 USD. Various analysts in the cryptocurrency sector also noted that Ethereum is underrated, as the developer and user activity are significantly larger than other’s cryptocurrencies in the market.
The factors behind Ethereum’s latest overvoltage
Through the Bitcoin dooms contracts, investors in the traditional finance sector have begun to enter the cryptocurrency market. First of all, due to the massive success of decentralized applications such as EtherDelta and CryptoKitties, and the fact that Ethereum is the only cryptocurrency on the global warehouse that can fight with Bitcoin regarding developer activity, utility, functionality, liquidity, and scalability. Ethereum attracted the attention of investors both in the cryptocurrency area and in the traditional finance sector.
CryptoKitties was a significant factor driving the latest Ethereum price increase. While some investors and analysts are still trying to recognize CryptoKitties as a decentralized viable and legitimate application, it has demonstrated the potential of the Ethereum Blockchain’ ability to process digital assets in a decentralized method.
If the CryptoKitties digital switch is switched with any other digital item such as a currency, asset, or security, the CryptoKitties can be used to serve the financial industry as a distributed exchange protocol.
Due to Ethereum’s scalability issues, Ethereum’s core developers are actively developing unique solutions, such as Plasma, Casper, and Raiden, to relieve users and decentralized developers of gas costs and exorbitant fees.
However, while Ethereum co-founder Vitalik Buterin pointed out, the scaling of the Ethereum blockchain could take anywhere from three to five years, depending on the developer’s activity. As Ethereum extends to expand and technology improves, Ethereum’s value as a means of financing decentralized applications will continue to grow.