The second biggest cryptocurrency in terms of market cap has just broken the key resistance level. As Ethereum price breaks above $400, we look into the primary drivers of this digital currency.
23 November, AtoZForex – The creation of Vitalik Buterin, Ethereum, has just posted a new record high price. Ethereum price breaks above $400 and that means that global investors’ appetite is on the rise. What has prompted such interest?
Ethereum price breaks above $400
In fact, the demand comes from Korea, where on average 1 ETH is being bought at $404 at the moment. According to the data from the Coinmarketcap, the value of Ethereum stands at $402.37, which accounts for almost 10% climb.
Moreover, the cryptocurrency now enjoys the $38 billion market capitalization.
Ethereum Price Journey
Following the Chinese government’s crackdown on the Initial Coin Offerings (ICOs) earlier this September, the price of Ethereum has been struggling to post new highs. Moreover, the $400 mark was definitely out of sight, as the cryptocurrency was trading in a tight range.
Now, recently, one of the billionaire hedge fund investors, Mike Novogratz, has expressed some positivism in regards to the digital currency. He has stated that Ether was preparing to set the new rallies that would most likely lead the cryptocurrency to the new all-time high. He also has mentioned that Ether will be able to break the $400 mark.
Earlier, the daily transaction volume of Ethereum network has crossed that of all the cryptocurrencies combined. As for the daily usage data, Ethereum’s network is, in fact, the most widely utilized cryptocurrency in the market. Moreover, the mid-term price trend of this cryptocurrency has indicated that the adoption of Ethereum Blockchain network is on the rise.
What is your Ethereum price outlook? Where is cryptocurrency headed now? Let us know in the comments section below.