Ethereum's Price Reaches new High: $518

Ethereum's price has increased and has reached a new high. The cryptocurrency managed to reach $518, although it then decreased and is currently priced $455. Previously, the all-time high for Ethereum was achieved in November, 2017, at $514.

When talking about this growth, it is worth mentioning that the South Korean market used to be the main market for Ethereum trades. South Korea accounted for more than 30% of the global trades of this cryptocurrency. However, recently, things have changed a little, as the US market managed to overtake the South Korean market and is now the main market for Ethereum trades. The US also accounts for over 33.71 of bitcoin trades.

The growth of Ethereum on the US market is good news for investors. Coinbase is the cryptocurrency exchange that processes most of the Ethereum trades on the global market.

What led to Ethereum's growth?

One of the main reasons why Ethereum has experienced a growth is due to developer activities around the Ethereum blockchain network. Furthermore, the growth to a new all-time high could also be explained by the high success registered by the CryptoKitties app. The smart contract of CryptoKitties represented about 14% of the cryptocurrency's network transaction volume.

Some claimed that CryptoKitties is only a game that has no real purpose, but the CEO of Earn.com, Balaji Srinivasan, did not agree, saying that this game actually shows that intermediary-free trading of digital assets is possible. He stated that:

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