Ethereum has maintained its upward tendency too momentum over the past times 7 days, recording a staggering $3.7 bln increment inwards marketplace seat cap, from $5.7 bln to $9 bln. On May 5, Ethereum cost established its novel all-time high at $101 equally the demand from both traders too institutional investors surged.
There are 3 major factors that accept supported the increase inwards Ethereum price: widespread adoption inwards South Korea, satisfactory performance from the Enterprise Ethereum Alliance (EEA) too the emergence of innovative decentralized applications based on the Ethereum network.
South Korea - the largest Ethereum commutation market, major Ripple driver
Surpassing the United States of America too China, Republic of Korea officially became the largest Ethereum commutation marketplace seat alongside a marketplace seat portion of 21 percentage of the global Ethereum commutation market. The South Korean commutation marketplace seat processes 978,000 Ethers on a daily basis, a book that is equivalent to $104 mln.
Some of South Korea’s major Bitcoin exchanges including Bithumb, Coinone too Korbit accept experienced a massive spike inwards Ethereum trading volume, due to the Bitcoin scalability problems too commutation hacking attacks inside the region.
While it may seem absurd to the global Bitcoin community, many Korbit users told Cointelegraph that users accept migrated from Bitcoin to Ethereum due to Bitcoin’s scalability issues too Blockchain congestion. Many users accept teach impatient alongside the high transaction fees of Bitcoin, which according to 21 Inc’s Bitcoin Fees average at $0.71.
Also, 1 of South Korea’s almost widely utilized Bitcoin commutation was hacked this past times week. Many users that had insignificant cognition inwards Bitcoin assumed that Bitcoin’s safety measures led to the hack, rather than the Bitcoin exchange’s weak infrastructure too safety systems.
Yapizon, the commutation which lost over $5 mln worth of Bitcoins inwards a safety breach, told its users that the stolen funds volition endure recovered past times the issuance of tokens. The Yapizon squad wrote:
“Yapizon entered the cryptocurrency manufacture iv years agone too it is expanding services too operations chop-chop across the region. From Jan to March of this year, Yapizon generated over $325,000 inwards turn a profit too the society projects a full turn a profit of $1.8 mln past times the cease of 2017. If customers trust inwards Yapizon too its practices, the society believes it tin give the sack brand upward for the losses of all customers relatively soon,” said the Yapizon team.
Growing fees
Bitcoin’s growing fee market, safety breaches of major Bitcoin exchanges too the active Ethereum evolution community too meetups accept allowed Ethereum to attain widespread adoption inside South Korea.
Speaking to Cointelegraph, local users too stated that Ripple has teach a hot commodity inwards the part because it is currently beingness supported past times South Korea’s largest Bitcoin commutation Korbit. One user told Cointelegraph:
“Many users, traders too investors accept begun to invest inwards Ethereum too Ripple. The Yapizon Bitcoin commutation hack too Bitcoin’s growing fees accept all contributed to the growing postulate for Ethereum too Ripple inwards South Korea.”
Ripple recorded a 38 percentage increment inwards cost over the past times 24 hours. Litecoin has too experienced a 22.9 percentage surge inwards cost due to the activation of Segregated Witness.
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