Ethereum which has comfortably occupied the second spot in the coin market capitalization for quite some time now seems to be occupying that position for quite some time. This has just been proven after it hit new record highs today right after Litecoin went bullish. What could be the reason Ethereum hits record high?
Latest developments as Ethereum hits record high and reasons why
Ethereum for the past month has seen record highs before dropping and settling at around $450 and the record high of today is not any different. According to coin market cap, Ethereum Hit new highs of $516 after Litecoin Hit new highs of $220 just a few minutes before. Since then, it has had a drop of about 3% but given the gap between ETH and BCH which stands at 3rd position in terms of market cap, Ethereum seems to be able to occupy this spot right into 2018.
Just a few days ago, Ethereum Founder Vitalik Buterin was quoted saying “Wild investments in cryptocurrency market mirrors record sum paid for the world’s most expensive painting last month”. He was referring to Leonardo da Vinci’s painting sold on auction at $450 million in November.
Others also believe cryptokitties play an important factor in the recent price surge. Cryptokitties a Pokémon-like game has already led to users spending as much as $110,707 to buy their digital animals require Ether to make such transactions. He twitted earlier this month saying;
Also, some of the biggest banks in the world have shown interest in Ethereum and are about to carry out a pilot to simplify compliance using Ethereum. The test will be carried out by banking giant USB with help from Credit Swiss, KBC, Six, Barclays and Thomson Reuters. The project is aimed at helping banks reconcile data about their counterparts with the use of blockchain technology (smart contracts)
As Ethereum hits record highs what are your thoughts? Do you think the Cryptokitties game had a role to play?
Please let us know in the comment section below.