Recently, the US market accounts for more than 33.71% of worldwide bitcoin investment. Until few months, the South Korean market remained as the top Ethereum exchange market, often accounting for at least 30% of the worldwide Ethereum trades. Recently anyhow, the US market moved beyond the South Korean market.
Factors of Ethereum Price Surge
From September to end of the November, the price of Ether has not made the major movements, most probably due to the impact of the ban on Initial Coin Offerings (ICOs) by the Chinese government had on the local Ethereum market and the rapid highs in the value of the bitcoin.
In the beginning of December, the price of Ether was running with small amounts, triggered by the communities excitement on the development activities around the Ethereum blockchain network. Currently, The Ethereum-based decentralized application (dup) CryptoKitties has been a huge success. CryptoKitties’ Smart Agreement holds approximately 14 percent of the Ethereum network transaction volume, which is higher than the market value of all other Cryptocurrencies in the market, including bitcoin.
Earn.com’s CEO Described:
“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.”
Prominent Venture Capital investor Fred Wilson Described:
“Well for one, it shows the utility of a blockchain in action. You can buy, sell, hold, and transfer digital assets and they have value and are traded for other digital assets (like BTC) in an online global marketplace. Anyone can make one of these cards and if they are determined to be “rare” they become digital assets with value attached to them.”
The system used by CryptoKitties to integrate a frictionless peer-to-peer business of digital assets can be integrated into the global financial sector. For example, with efficient scalability and the required solutions, stock markets and large-scale exchanges can adopt a strong system by utilizing Ethreum Blockchain.
The market is showing optimism and enthusiasm towards the long-term future of the Ethereum as a decentralized protocol for decentralized applications.