Ethereum rises by 30% this week

Cryptocurrencies are having a rough month now, with slow rise in last two weeks. Bitcoin has seen the pressure and slumped off, while Ethereum is being resilient and working its way up.

Ethereum has drawn attention of major business magazine, Forbes, that has reported upward momentum of the crypto.

Upward trance

According to Livecoinwatch.com, which includes South Korean markets, Ethereum is up over $1,200 from a low of $930 this time last Monday. This shows 30% rise in last week, but the same can’t be said for Bitcoin. The 24-hours trade volume of Ether has been $4.5 billion, with South Korea’s Bithumb being the top exchange with more than 10% trade in Korean won.

Increasing Demand

The demand of Ethereum is directly proportional to the increase in ICOs and decentralised apps. It is highly sort platform for its support and a number of scalability improvements for the network in future.

The Ethereum roadmap addresses these scalability through implementation of its Casper upgrade. Ethereum co-founder Vitalik Buterin said,

“The Casper aspect of Casper, where two conflicting blocks should not be able to be finalized, seems to actually happen running and the network agrees all along what the final chain is. So that part has been totally successful. On the Sharding side, quite a lot of work has started.”

Sharding consists of taking off load from the chain to increase the transaction speed and decrease the load on distributed ledger. Ethereum is growing in strength with each upgrade, and this is currently being reflected in its price rise.

 

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