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Ethereum Price Records 16% Daily surge

Ethereum Price Records 16% Daily surge

Ethereum Cryptocurrency is remarkably growing. Today it has marked 16% surge in its value increasing from $265 to $317 within a day.

Bitcoin effects other currencies

However, increased Bitcoin price is the basis of fluctuations in other cryptocurrencies. Usually, a slight growth in Bitcoin price may lead to falling in prices of alternative cryptocurrencies.

Though, this week Bitcoin has gone with remarkable growth which has positively affected on the price of other digital currencies mainly Ethereum and Litecoin.

Climbing back from $19 bln market cap to more than $27bln, Ethereum has significantly grown as compared to other currencies. So what makes Ethereum grow rapidly?

One can also assume the hype around ICO market since they started raising more via their campaign.

Though the most imperative reason could be “developer activity around cryptocurrency” as Jameson Lapp (BitGo engineer) said.

Further Ivey Business School professor JP Vergne  said

“We found that the best predictor of a cryptocurrency’s exchange rate is the amount of developer activity around it,”

Sources also say Financial and technological companies are seeking talents within Ethereum Community.

Visa Stated about Ethereum Price

“We’re seeking a strong developer experienced with Ethereum. And also Blockchain architecture to be a part of a team tasked with building distributed application. Our ideal candidate has built and released distributed applications, has worked with the Ripple, R3, Ethereum and/or Bitcoin Blockchain, and has experience with Solidity.”

Most importantly, the start of Enterprise Ethereum Alliance urges big companies and large scale conglomerates to build the applications on Ethereum Protocol.

Nonetheless, Regions like China and South Korea are noting down for the growing scope of Ethereum and related application concerning it. Thereby, Co-founder Vitalik Buterin was a part of several presentations in Mandarin for the Chinese Ethereum industry. This is because China has become a large market for Ethereum.

However, if Ethereum is unceasingly getting the good scope from development firms and ICO market gets closer to establish decentralized applications to serve active user bases, then there will be a continued success in the value of Ethereum.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.