Ether (ETH) which is the cryptocurrency off the Ethereum blockchain has witnessed a strong price surge in the last couple of days and going past the $1,000 mark. To think that several analysts predicted that ETH would merely touch $500 by close of December, 2017 (ETH actually surpassed this by closing above $750 as at 31st December, 2017) but barely a week into 2018 the currency has moved past $1,000 with rocket speed and this upward trajectory does not seem to be abating.
Image Courtesy of ethnews.com
A stand-out factor that has catalyzed Ether’s price rise is the increased user activities of decentralized applications (dapps). Applications on the Ethereum network such as CryptoKitties and EtherDelta are beginning to have increased practical use cases which are being translated into positive price surge for the Ether. In the works also is the creation of Ethereum decentralized app browsers which will operate as an app market place just like how Google Play Store or Apple App store works. This is expected to help with increased adoption of Ethereum-based decentralized applications which should consequently boost demand for ETH and drive some more value appreciation.
Ripple (XRP) has recently witnessed an impressive rise in value, mostly due to increased demand in the South Korean and this has pushed Ripple’s market cap from $40 Billion to $120 billion and over. Ether’s ongoing rally could just be price adjustments to reflect ETH’s true value and this on another hand could be translated as price competition against Ripple.
Signs point to the fact that Ether’s value will continue to experience a steady rise in the next couple of days… if not weeks. The Ethereum blockchain network currently processes more transactions than the combination of all other blockchain networks globally. The Ethereum network settles more than 1.4 million transactions daily which is substantially higher than that of the Bitcoin blockchain network which settles only 420,000 transactions daily.