The price of Ethereum recently smashed through the $400 threshold. Reaching a new all-time high.Following this, the total market capitalization of the coin reached $40 billion, as can be seen from the graph below.
What caused Ethereum to skyrocket?
Well, ETH started its rapid growth cycle on the 22nd of November, after an initial release of the Casper protocol. Which was developed by Vlad Zamfir. The protocol is meant to modernize the ETH network utilizing the proof-of-stake philosophy.
The Casper protocol is supposed to introduce some drastic changes to the ETH Blockchain. The most significant change is a decrease in mining difficulties.
Though, it should be noted that Vitalik Buterin doesn’t exactly agree with all of Zamfira’s Casper protocol aspects. Buterin did, however, admit that this was but one version of the protocol.
It’s important to remember that over half of global cryptocurrency transactions and exchanges take place on the Ethereum Blockchain network.
Ethereum has seen great monthly growth.
Over the last day, ETH has grown by over 10%. While its monthly growth rate reaches almost 50%.
Forbes ranked Billionaire, Michael Novogratz believes that the price of the coin might jump to $500. However, in order for that to happen, ETH needs to go up at least another 25%.
Besides the Casper protocol drawing attention to Buterins masterpiece. Hewlett Packard recently showcased a brand-new application based off of ETH technology that was used to power one of their new, and very, lol, innovative vacuum cleaners.
In my opinion, this is awesome news. I actually think that the price of ETH should be way higher than it currently is. Afterall, Buterins Blockchain provides for an astounding amount of possibilities. If Ethereum gained more public recognition, I strongly believe that the bitcoin would be left in the dirt.
Just the sole fact that most modern-day ICO’s are hosted on Ethereum smart contracts should be more than enough reason for its price to skyrocket.