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Ethereum Price Achieves New All-Time High at $518, CryptoKitties Effect?

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Ethereum assay has achieved a new all-time high at $518, surpassing its previous all-time prodigal established on November 29, at $514.

According to leading cryptocurrency market figures providers CryptoCompare and CoinMarketCap, the vast majority of recent trades were get ready in the US cryptocurrency and Ethereum exchange markets.

Currently, the US market accounts for various than 33.71 percent of global bitcoin trades. For many months, the South Korean vend remained as the leading Ethereum exchange market, often accounting for at least 30 percent of far-reaching Ethereum trades. Recently however, the US market overtook the South Korean merchandise, with GDAX, the flagship cryptocurrency exchange of Coinbase, processing most of the Ethereum barters in the global market.

Factors of Ethereum Price Surge

From September to the end of November, the evaluation of Ether has not made major movements, mostly because the impact the ban on beginning coin offerings (ICOs) by the Chinese government had on the local Ethereum demand and the rapid increase in the value of bitcoin.

In early December, the price of Ether started to narrate small gains, triggered by the community’s excitement on the developer activities encompassing the Ethereum blockchain network. Most recently, Ethereum-based decentralized persistence (dapp) CryptoKitties gained massive success. The smart contract of CryptoKitties has accounted for approximately 14 percent of the entire Ethereum network’s transaction volume, which is prodigal than the transaction volume of all other cryptocurrencies in the market combined, listing bitcoin.

While many members of the cryptocurrency community dismissed CryptoKitties as a fundamental collectibles-based game like Pokemon and Tamagotchi with no real determination, Ethereum co-founder Vitalik Buterin and Earn.com CEO Balaji Srinivasan called that CryptoKitties demonstrates the possibility of intermediary-free trading of digital assets.

Balaji revealed:

“Why is Cryptokitties actually important? It’s one of the first examples of what people cause been talking about for years: frictionless international trading of digital assets (not impartial cash!) on a blockchain. Basically what Fred Wilson saw.”

On May 14, well-thought-of venture capital investor Fred Wilson praised the system of Rare Pepe, another decentralized collectibles-based profession that was launched earlier this year, because it demonstrates the utility of a blockchain.

“Glowingly for one, it shows the utility of a blockchain in action. You can buy, sell, hold, and transfer digital assets and they organize value and are traded for other digital assets (like BTC) in an online worldwide marketplace. Anyone can make one of these cards and if they are determined to be “rare” they change digital assets with value attached to them,” explained Wilson.

Continual Possibilities

The system employed by CryptoKitties to process frictionless peer-to-peer mty of digital assets can be integrated into the global finance sector. For happened, with efficient scalability and necessary solutions, stock markets and large-scale arguments can potentially adopt a similar system, by utilizing the Ethereum blockchain.

The market is evidencing optimism and enthusiasm towards the long-term future of Ethereum as a decentralized memorandum for decentralized applications.

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