Ethereum's Price Increases Once Again, Reaching New High
It has definitely been a good time for altcoins, as many of these cryptocurrencies have experienced price growths in the past few weeks. Ethereum is one of them, as the cryptocurrency has actually reached a new all-time high. Ethereum has managed to get pass the $850 price range.
This was actually the first time when Ethereum has experienced such a high price. Currently, the price of Ethereum is at around $836. However, it is important to mention that the cryptocurrency experienced a high growth as in only 24 hours its price increased by 20%, from $716 to $840.
The daily trading volume of the cryptocurrency was $3.8 billion over the past three days. And an interesting evolution on this front is that the US market has accounted for most of the trades involving Ethereum. Until now, the global trading market of this cryptocurrency was dominated by South Korean cryptocurrency exchanges.
In fact, three of the largest cryptocurrency exchanges in South Korea concentrated more than 35% of the Ethereum trades. However, it surely appears that things have evolved and now the US market is the one which processes most Ethereum trades. Around $800 million in daily trades were processed by Bitfinex and Coinbase's platform GDAX.
What determined the new growth in Ethereum's price?
Some analysts have claimed that the success of Ethereum could be explained by the strong interest in applications such as CryptoKitties and EtherDelta.
However, that is not all. The launch of bitcoin futures by two US exchanges has actually brought a lot of attention from investors to the cryptocurrency market.
Because of its developer activity, usability and liquidity, Ethereum has become the number one Bitcoin competitor and has drawn huge interest from investors, as well.
Considering the growing trend and the interest from investors, some analysts expect the price of Ethereum to grow to $1,500 by the end of 2018.
Others actually are more optimistic, considering that the value of Ethereum might experience a faster growth, as it is currently undervalued.