In tandem with bitcoin prices, the price of ethereum is still soaring high.
This has been one great week for crypto enthusiasts as there has been an upward surge in prices of most tokens. It appears that the upward trend of bitcoin is trickling down to its rival coins. Ethereum has recorded a 20% hike in just 24 hours! The spot price as of now is $752.
Heavy traffic as potential investors flock to buy ethereum
As the value of ethereum surges, exchanges are finding it difficult to control the traffic of investors seeking to buy. Coinbase for example has been forced to halt transactions for some time to control the traffic.
The surge in price could be attributable to a similar surge in the price of bitcoin. Investors are gaining confidence in bitcoin after its futures launch last Sunday. Consequently, others are hoping to place their bet on smaller cryptocurrencies. This is with the hope that altcoins may achieve a similar price to bitcoin in the near future.
A bullish market for ethereum
Cryptocurrency billionaire Mike Novogratz had predicted a bullish market for the cryptocurrency. But his prediction fell short as he anticipated a price of $500 by the close of 2017.
The surge in the price of ethereum could also be attributed to an increase in business interest in the ethereum blockchain.
The trading volumes on the ethereum platform as of now is almost $5 billion. This is four time greater than its follower crypto asset bitcoin cash. Not surprisingly, the bitcoin network processes more transactions on its network than all the other cryptocurrencies combined.
With the increasing interests in the ethereum blockchain and smart contracts, we may witness and even greater surge in the price of ethereum in 2018!