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The price of Ethereum is approaching $ 500, while new heights have been reached

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The Ethereum price hit $ 483 for the first time in the year. history, approaching $ 500. Billionaire investor Mike Novogratz expects the price of Ether to increase throughout 2017.

Optimism around development

The Ethereum network remains the only public blockchain to handle more transactions than the Bitcoin network on a daily basis. In fact, Ethereum processes more transactions than all existing cryptocurrencies, including Bitcoin, Bitcoin Cash, Ripple and Litecoin.

In recent months, the Ethereum Foundation and Ethereum's open-source development community have introduced innovative scaling solutions such as Plasma, Sharding and Casper, with the intention to provide scale-up on the Ethereum protocol with second-layer solutions.

Byzantium, the last hard fork upgrade on the Ethereum network, significantly increased transaction capacity through a SegWit software upgrade, eliminating unnecessary transaction information Ether. As a result, the day-to-day trading volume of the Ethereum network has increased to approximately 550,000 transactions per day, nearly double the size of the Bitcoin network.

From early September to mid-November, the price of Ether remains stable in the region of $ 300, after falling from $ 390 to $ 300 after the initial ban of the The supply of coins and cryptocurrency imposed by the Chinese government.

However, in mid-November, the price of the ether began to show an upward trend, eventually reaching the $ 400 mark and reaching a new historical high at $ 483

Mike Novogratz optimistic about Ethereum

Billionaire hedge fund legend and former fortress ruler Mike Novogratz remains optimistic about Ethereum's short and medium-term price trend, given the increasing activity of developers around Ethereum network and the ecosystem of decentralized applications. ]

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"ETH seems ready to rise to new heights.Many good news on the horizon. #ether #consensys," wrote Novogratz on Twitter.

Moreover, as Ethereum co-founder Vitalik Buterin explains, non-OIC decentralized applications have shown viable business models, thanks to a transparent fee structure. For example, EtherDelta has become the largest decentralized application on the Ethereum protocol without ICO, through its sustainable model and open-source code base.

At the time of reporting, EtherDelta accounts for approximately 15% of the daily trading volume of the Ethereum network.

With the integration of ZK-SNARKs and successful testing of ZK-SNARK transactions, long-term, anonymous transactions and private payments will also be possible on the Ethereum blockchain network, providing privacy unprecedented compared to other cryptocurrencies with the exception of Zcash, Monero and Dash, the three cryptocurrencies focused on privacy.

Thus, optimism around Ethereum network development activity will continue to drive up the price of Ether, and the Ethereum trading volume will increase by exponentially in the coming months.

The flow of institutional currency on the bitcoin market will also benefit the Ethereum market in the long run, while investors are exposed to the cryptocurrency market.