The price of etherium rose by 32% to reach a new all-time high at $ 635

The price of etherium has risen by more than 32 percent over the past 24 hours, reaching a new all-time high of $ 635 and a daily volume of nearly $ 5 billion. Last week, the CCN reported that the United States had become the largest market for etherium trading, surpassing South Korea. The trading platforms "GDAX" and "Bitfinex" have accounted for more than 20% of the global Ether transactions over the past few weeks.

Since the beginning of this week, the popularity of Ether has started to rebound in the South Korean market, and traders are increasingly trading on the leading trading platforms "Bithumb", "Coinone" and "Korbit". At present, Bithumb, the largest currency trading platform in South Korea, accounts for 11 percent of the world's total deals with a daily turnover of $ 500 million.

What is the reason for the rise in the price of the currency?
Today the prices of almost all digital currencies have risen. Some of them, including LITT, LTC, Dash, and ETH have made significant gains. The currency of the Queen's Lighter has increased by an astonishing 80 percent on a daily basis.

Laine, Queen and Atherom have struggled to make big gains since September and during the last two months, with the price of both the Ether and the Clay Quinn at around $ 350 and $ 100, respectively. However, over the past 24 hours, the value of digital currencies has increased, with demand increasing by the global financial market. This is mainly due to the successful debut of the CBOE futures contract. Of course, the price of ether, which was constantly the second largest digital currency, increased as more capital and wealth moved from traditional finance markets to the digital currency market. In many key areas such as South Korea, government agencies and financial authorities announced their plans to allow initial currency offers (ICOs). For example, the South Korean government plans to allow institutional investors and traders to invest in ICOs in the near future. But still impose a temporary ban on investment in these offerings by the general public.

Since late 2016, ICO operations have accounted for a large part of the volume of etherium transactions and volume. Therefore, legalization in key areas will have a significant immediate impact on the direction of the prices of etherium in the short term. More importantly, the volume of etherium coefficients is increasing at an exponential rate, probably due to the growing popularity of two dapps: CryptoKitties and EtherDelta. At present, the Athenium pluchen network processes approximately 830,000 transactions on a daily basis, ie more than all the combined digital currencies in the market including Bitquin. On the other hand, the growth of etherium in terms of user base and the volume of daily transactions is translated into an increase in market and price assessment, because it continues to evolve as a major platform for decentralized applications.

Medium-term price trend
As Larry Lay's creator, Charlie Lee, pointed out, given the recent performance by most digital currencies in the market, significant correction movements are likely to occur in the coming weeks. As such, the price of Ether could enter into a correction process next week, to continue the market stability and to sift through weak hands.