Ethereum has recently climbed to its highest rise in its history, after reaching $518, exceeding its all-time high of $514 from November 29.
The United States currently accounts for more than 33.71% of the world’s volume of transactions in digital currencies. For many years, the South Korean market has been the leader in the Ethereum exchange market, accounting for about 30% of the world’s Ethereum transactions. However, the United States recently overtook the South Korean markets through the GDAX market, which is the digital currency exchange of Coinbase, where most of the Ethereum trades take place nowadays.
What were the key factors in Ethereum’s recent gains?
The price of the Ethereum did not show much movement between the beginning of September and the end of November, due to the impact of the Chinese government’s ban on digital currencies, in addition to Bitcoin’s huge gains.
At the beginning of December, Ethereum began to get small gains from the enthusiasm of the digital currency’s community, with the developers announcing many activities around Ethereum’s blockchain network. The CryptoKitties application, which is based on Ethereum, has also seen tremendous success, with the smart deal from CryptoKitties accounting for about 14% of the entire volume of the Ethereum network transaction volume, which is higher than the volume of all digital currency transactions on the market including Bitcoin.
Even though many voices in the digital currency community considered CryptoKitties to be no more than a collectibles game, such as Pokémon, Ethereum co-founder Vittalik Puterin and CEO of Earn.com Balaji Srinivasan claimed that the application demonstrates the possibility of trading on digital assets without having to go through any kind of intermediary.
The system used by CryptoKitties can be integrated and used to handle peer-to-peer digital trading in the global finance sector. For example, popular securities markets and exchanges can create a similar system by taking advantage of Ethereum’s blockchain.
There is no doubt that markets are building a lot of optimism and enthusiasm for the long-term future of Ethereum as a protocol for decentralized applications. This can be one huge step forward in the world of digital currencies.
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