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The Ethereum price reaches its highest historical level at $ 518, CryptoKitties effect?

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The Ethereum Award reached a new record high of $ 518, surpassing its previous record set on November 29, at $ 514.

According to major data providers in the cryptocurrency market, CryptoCompare and CoinMarketCap, the vast majority of recent transactions have been processed in the US cryptocurrency and Ethereum markets.

Currently, the US market accounts for more than 33.71% of global bitcoin trade. For many months, the South Korean market has remained Ethereum's premier stock market, often representing at least 30% of Ethereum's global dealings. Recently however, the US market has overtaken the South Korean market, with GDAX, Coinbase's flagship cryptocurrency exchange, dealing with most Ethereum transactions in the global market.

Factors of soaring prices of the ethereum

From September to the end of November, the price of Ether did not experience any significant movements, mainly due to the impact of the ban on initial offers of coins (ICO) by the Chinese government on the local Ethereum market. increase of bitcoin value.

In early December, the price of Ether began to record small gains, triggered by the community's excitement on development activities around the Ethereum blockchain network. More recently, CryptoKitties, a decentralized application based on Ethereum, has been a huge success. The CryptoKitties smart contract accounted for nearly 14% of the total Ethereum network transaction volume, which is greater than the transaction volume of all other cryptocurrencies on the market, including Bitcoin.

While many members of the cryptocurrency community rejected CryptoKitties as a simple collectible game like Pokemon and Tamagochi with no real purpose, Vitalik Buterin, co-founder of Ethereum, and Balaji Srinivasan, CEO of Earn .com, pointed out that CryptoKitties trade without intermediary digital assets.

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Balaji said:

"Why Cryptokitties Are They Really Important? This is one of the first examples of what people have been talking about for years: the frictionless international trade of digital assets (not just of money!) On a chain of blocks – basically what Fred Wilson saw. "

On May 14, venture capital investor Fred Wilson praised the Rare Pepe system, another decentralized collectible game launched earlier this year, because it demonstrates the utility of a blockchain

"Well, for one, it shows the usefulness of a blockchain in action.You can buy, sell, hold and transfer digital assets and they have value and are exchanged against other digital assets (like BTC) in a global online market.Never anyone can make any of these cards and it is determined that they are "rare", they become digital resources with a value attached to them " explained Wilson

Infinite Possibilities

The system used by CryptoKitties to handle frictionless digital peer transactions can be integrated into the global financial sector. For example, with effective scalability and necessary solutions, stock markets and large-scale stock exchanges can potentially adopt a similar system, using the Ethereum blockchain.

The market is showing optimism and enthusiasm for the long-term future of Ethereum as a decentralized protocol for decentralized applications.