The Ethereum price has risen by more than 32% over the past 24 Hours which is a new achievement of all-time high that is $635 and a daily trading volume of nearly $5 billion.
Ethereum Achieves New All-Time high
According to the report of CCN, last week the US has become the largest Ethereum exchange market, overtaking South Korea. The exchanges named, Coinbase’s flagship trading platform GDAX and Bitfinex have accounted for more than 20 percent of global Ether trades over the past few weeks. The three leading exchanges as traders in the country, the Bithumb, Coinone, and Korbit, started to increasingly trade Ether. So, since this week the popularity of the Ether began to rebound the South Korean Market. It has been reported that South Korea’s largest cryptocurrency exchange market, Bithumb, accounts for 11% of global Ether trades, with daily trading volume as $500 million.
Why is Ether Price Rising?
Whole the day the market valuation and the price of almost each and every single cryptocurrency in the market have leapt. Some other like Litecoin, Dash and Ether have made a significant rise. Litecoin made a recording a staggering 80% daily increase in the value.
Both Litecoin and Ethereum have tried very hard to raise their market valuation and price from September onwards which was continued for the previous months also. But the price of the Litecoin and Ether remained stable at around $350 and $100, respectively.
Anyway, over the past 24 hours both of the cryptocurrencies made their effort successful by surging their value, as the demand for cryptocurrencies from the global finance market has increased. It is primarily because of the successful launch of bitcoin futures on the Chicago Board Options Exchange (CBOE).
Ether is the second largest cryptocurrency which has continuously has been behind the Ethereum. More capital and wealth began to move from the traditional finance market to the cryptocurrency market and naturally, the price of Ether has increased.
In many major regions of the Ether such as South Korea, the government agencies and financial authorities have made the announcement that they are going to allow initial coin offerings (ICOs). The South Korean government is planning to allow the institutional investors and accredited traders to invest in ICOs in coming days but making a temporary ban for the general public in ICO investment.
From the last of the 2016 onward ICOs have accounted for a large portion of the transaction volume and trading volume of the Ethereum networks. Hence, this legalization of ICOs in major regions will make an immediate and large impact on the short-term price trend of Ethereum.
The most important thing is that the exponential growth rate in the Ethereum transaction volume. It is likely because of the growth in the popularity of two decentralized applications and they are CryptoKitties and EtherDelta.
Combining all of the cryptocurrencies in the market including Bitcoin, the Ethereum blockchain network settles approximately 830,000 transactions on a daily basis.
As Charlie Lee the Litecoin creator noted, given the recent performance of most cryptocurrencies in the market, a major correction will likely occur in the upcoming weeks. Likewise, it is expecting that the price of the Ether also could correct itself within the next week which can stabilize the market and shake of the weak hands.
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