This is truly staggering. The price of Ethereum touched $220 intraday today. That is an incredible achievement, as 3 days ago Ethereum briefly dipped at $115. That is almost an increase of 100 percent in the same trading week. Unimaginable.
Ether is the best performing cryptocurrency, without any doubt.
Large financial sites like Reuters and Bloomberg even can’t keep track of the evolution in the Ethereum price. One day up sharply, the other day down sharply, then new all-time highs a couple of days later. Interestingly, Google News has no news Ethereum price related items whatsoever of the traditional news sites.
Today’s price rise in Ethereum was 15 percent, as seen on the screen below which is reflecting EthereumPrice’s homepage. In just one month the price of Ethereum is up a staggering 174 percent. That is amazing, and no other cryptocurrency has been able to recover that fast from last week’s flash crash.
Nasdaq.com attributes the recent surge in Ethereum’s price to rising demand out of China. This is what they wrote today:
- The Royal Chinese Mint experimenting with a digital RMB on the Ethereum blockchain
- Chinese companies such as Baidu, Ctrip, JD.com and Meituan utilizing Ethereum technology for aggregated payments services
- Establishment of the Jiangsu Huaxin BIockchain Research Institute (JBI) in Nanjing, which Keys writes “will be a powerhouse in the Ethereum ecosystem and will become a beachhead for corporations outside of China.”
- Experimenting with Ethereum technology by Ant Financial, Alibaba’s $60 billion financial arm, to improve their global payment platforms
Whatever the ‘reasons’, the fact of the matter is that Ethereum is attracting a lot of interest, and that is reflected in its price.