The Ethereum price has risen more than 32% over the past 24 hours, reaching a new all-time high of $ 635 and a daily trading volume of nearly $ 5 billion.
Last week, CCN reported that the United States has become the largest Ethereum stock market, overtaking South Korea. Two exchanges, Coinbase's flagship trading platform, GDAX and Bitfinex, have accounted for more than 20% of global Ether transactions in recent weeks.
Since the beginning of the week, Ether's popularity has begun to rebound on the South Korean market, as traders from the country's three major stock exchanges, Bithumb, Coinone and Korbit, have begun to trade more and more Ether. At the time of writing this report, Bithumb, the largest cryptocurrency stock market in South Korea, accounts for 11% of global Ether transactions, with a daily trading volume of $ 500 million.
Why is Ether Price up?
Throughout the day, the stock market valuation and the price of almost all crypto-currencies in the market have exploded. Some, including Litecoin, Dash and Ether have made significant gains, with Litecoin recording a staggering daily value increase of 80 percent.
Litecoin and Ethereum have struggled to make significant gains since September and over the past two months, Ether and Litecoin prices have remained steady at around $ 350 and $ 100 respectively.
However, in the last 24 hours, both cryptocurrencies have skyrocketed, as demand for cryptocurrencies in the global financial market has increased, mainly because of the success of future bitcoins on the Chicago Board Options Exchange ( CBOE).
Of course, the price of Ether, which has always been the second largest cryptocurrency behind Ethereum, rose as more capital and wealth began to move from the traditional financial market to cryptocurrency market.
In several large areas such as South Korea, government agencies and financial authorities have announced their intention to authorize initial coin offerings (ICOs). The South Korean government, for example, plans to allow institutional investors and accredited traders to invest in country offices in the near future, but to impose a temporary ban on investment in the country. OIC for the general public.
Since the end of 2016, ACIs have been an important part of the transaction volume and transaction volume of the Ethereum network. As a result, the legalization of ICOs in large regions will have an immediate and significant impact on Ethereum's short-term price trend.
More importantly, the Ethereum trading volume has grown at an exponential rate, probably due to the growing popularity of two decentralized applications (dapps); CryptoKitties and EtherDelta.
At the present time, the Ethereum blockchain network regulates about 830,000 transactions daily, more than any cryptocurrency on the market, including the combined bitcoin.
As noted by Litecoin's creator, Charlie Lee, given the recent performance of most crypto-currencies on the market, a major correction is expected in the coming weeks. As such, the price of Ether could be corrected over the next week, to further stabilize the market and get rid of weak hands.
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