Ethereum a strong competitor for bitcoin grows by 20% and reaches $752
Ethereum is definitely gaining more ground and the cryptocurrency has actually reached a new high. Ethereum's price increased to $752, thus, it has actually grown with up to 20% in 24 hours. The increase was led by the US market.
So, about 25% of the global Ethereum exchanges were processed in the US, with about 23% being processed by the largest exchanges, Coinbase and Bitfinex. Ethereum also remains the second largest cryptocurrency in the global market, behind Bitcoin and ahead of Bitcoin Cash. Its daily trading volume is close to $5 billion.
Ethereum Grows by 20% and remains the only big competitor to Bitcoin
Ethereum remains the only big competitor to Bitcoin and it actually is the only blockchain network that can actually compete against it when it comes to developer activity and transaction volume.
CryptoCoins News states that:
Ethereum blockchain network processes more transactions than all of the cryptocurrencies in the market including bitcoin combined at 820,000 transactions per day.
CryptoKitties one of the reasons behind the success of Ethereum Growth to an All- time High
The growth of Ethereum is believed to have been helped by apps such as CryptoKitties and EtherDelta, which have showed that Ethereum is a viable option. They have also shown that it can be a base protocol for decentralized exchanges and digital asset trading platforms. CryptoKitties already is a success, processing no less than $15 worth of digital kittens in the past two months.
Ethereum, Bitcoin, but also many other cryptocurrencies have known huge growths this year. Bitcoin's price reached more than $17,000, and currently it trades at $16,655. The interest of investors in the cryptocurrency market has also sustained this growth.
However, some analysts raised concerns on whether this market will function as a bubble, believing that at one point the prices will go down.
Furthermore, others said that despite the growth in price, in other areas, such as payments, the cryptocurrency market has experienced a regression.