TheCryptoUpdates
Blockchain News Cryptocurrency News General News

Significant hike in Ethereum price noted

crypto exchange

The price of Bitcoin received a huge overnight hike of US$9,779 and is at present available at the price of US$9,671. The ether token of Ethereum experienced a doubled up price. On Friday, the ether price rose to 800 dollars. It is briefly a 118 percent growth since the low-point of 367 dollars in the month of April.

The meteoric hike in the prices of Ether is an evidence of all cryptocurrency market’s volatility. One of the co-founders of Google, Sergey Brin, giving credit to Ethereum mining recently said that it is truly a technology renaissance going on, which is perhaps an interesting time where applications across almost all the segments of the modern society can be witnessed.He further said that there are many factors, which come into the picture in this “boom of computing,” the first being the “steady hum” of the Moore’s Law. The second factor, according to him, is higher demand, which stems from the advanced graphics used in gaming and from GPU-amiable proof-of-work algorithms that are used in many of the leading cryptocurrencies of the present date like the Ethereum. Witnessing such hike in the price of the cryptocurrencies so early in the year, several experts are forecasting a magnificent rise in the same throughout 2018.

De Vere’s CEO said that Ethereum’s price is forecasted to show a significant hike in the current year and may rise up to 2,500 dollars towards the end of the year.

In accordance with a report that was published on Tuesday, the regulators of United States are scrutinizing if Ethereum and the other cryptocurrencies must be adapted as securities. As per the report, a team consisting of senior CFTC and SEC officials would meet on 7th May, Monday to have a discussion about the issue.

Ethereum is a platform for segregated applications that provides it with the type of utility, which makes it much difficult to brand it as armor. In addition to it, Ethereum Foundation that governs the progress of Ethereum retains less than one percent of the ether tokens. This implies that it is not directly influencing the price. Funds were raised for Ethereum through a 2014 Initial Coin Offering (ICO). 18.3 million dollars were roughly raised in bitcoins and since then it’s price went on hiking more and more.

One of Reddit’s co-founders has put forth a targeted aim of 15,000 dollars price on Ethereum and 20,000 dollars for bitcoin by the end of the current year. The American internet entrepreneur, Alexis Ohanian said in a statement that Bitcoin would be at 20,000 dollars by the end of 2018 and Ethereum would have been priced at 15,000 dollars.

As per another good information, the London Block Exchange (LBX), raised its “crypto asset offering” to nearly 6 coins together with the inclusion of Ethereum Classic and Bitcoin Cash. The LBX acts as the single crypto exchange of the UK, which offers “fiat-to-crypto trading pairs.” The organization even has introduced an app for smartphones and begun on-boarding the previously registered consumers. Some trading process already is on the go. It was only last year when the company started offering over-the-counter trading.

Related Articles

Crypto Exchange Based on Ethereum ‘Ethfinex’ Launched by Bitfinex

Apoorv Gupta (Senior Correspondent)

Blockchain News | Swift India Collaborates with MoenetaGo Banks in India Adopting Blockchain

Vijaya Bharti (Author)

Glimpse of the First Bitcoin ATM in Iran

Vijaya Bharti (Author)