The Ethereum price has surpassed $752 for the first time in history, recording a staggering 20 percent increase in value over the past 24 hours, led by the US market.
Throughout the past few days, the US market accounted for nearly 25 percent of global Ether trades. GDAX, the flagship cryptocurrency exchange of Coinbase, and Bitfinex processed 23 percent of the global Ethereum exchange markets Ether trades.
Currently, the daily trading volume of Ether is close to $5 billion, more than four times larger than Bitcoin Cash, the third largest cryptocurrency in the global market behind bitcoin and Ethereum.
What is Pushing Ethereum Price Up?
Earlier this month, billionaire investor Mike Novogratz predicted the price of Ether to increase by three-fold throughout 2018. In terms of developer activity and transaction volume, Ethereum remains as the only public blockchain network which can compete against bitcoin.
In fact, as of current, the Ethereum blockchain network processes more transactions than all of the cryptocurrencies in the market including bitcoin combined at 820,000 transactions per day.
Decentralized applications such as CryptoKitties and EtherDelta have also demonstrated the potential of Ethereum as the base protocol for decentralized exchanges and digital asset trading platforms, which is an application that is useful beyond finance.
As A16Z partner and Earn.com CEO balaji Srinivasan stated, Why is CryptoKitties actually important? Its one of the first examples of what people have been talking about for years: frictionless international trading of digital assets (not just cash!) on a blockchain.
Already, CryptoKitties has processed $15 million worth of digital kittens within the past two months and other dapps like EtherDelta have also been processing more than 80,000 transactions on a daily basis.
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