Ethereum, the world’s second largest cryptocurrency is now valued at $240.58 against US Dollar. The coin is on its exciting bull run – specifically, it has experienced a bump of over 16 percent within the past 24 hours.
Although Bitcoin continued soaring the new highs, Ethereum is not left behind. The coin is in its craziest race to reach a new target of $245. According to the data from the coimarketcap, ETH’s current trading volume is $25,524,300,134 cheering up quite higher than that of XRP, the third largest cryptocurrency which is presently standing with average trading volume $18,269,435,260.
The consequent view of coinmarketcap indicates ETH’s highest trading volume appears on EXX and ZBG exchange whose trading volume is certainly excluded by Coinmarketcap (CMC). Besides that ETH is majorly trading in the pair of USDT (Tether) across the top exchanges which contributes significant market volume of ETH.
What Derives the Price of Ethereum
Bitcoin’s boost is undoubtedly the key reason behind the upsurge volume of other altcoins and so Ethereum. Alongside, the other reason that presumably linked to its value is Samsung’s confirmation of extending Ethereum support to its range of Galaxy phones. Besides the fact that Bitcoin is the only cryptocurrency present on Samsung’s press release materials, the present wallet supports only Ethereum based ERC-20 tokens.
More so, it was also revealed that Samsung is soon to develop its own public-private blockchain mainnet on top of Ethereum which may in the future leads to Samsung Coin.
In addition, the latest release from the world’s largest electrical company, EDF, confirms that they’re using Ethereum Dapp, iExec. According to the reports, EDF is valued $33 billion and is using iExec Ethereum Dapp in its visual simulator software GPUSPH.
EDF is reportedly the fifth largest Electrical company and with the use of iExec for GPUSPH application, the firm wants to analyze what additional benefits ETH can offer than present GPU based GPUSPH application.
Massive Ethereum Dapp Bet
Nevertheless, it is worth noting the bet between Ethereum’s Joe Lubin and Bitcoin educator Jimmy Song at Consensus 2019 boosted the buzz around Ethereum. The Deal term indicates Ethereum’s five-year future wherein Lubin will send 69.74 BTC to Song if Ethereum dapp economy crashes and in contrast, Song will pay Lubin 810.8 ETH if ETH performs well in four years span.
The bet took a new turn later when Justin Sun offered Lubin to have friendly bet than what Song’s conflicting bet. In his tweet, Sun adds;
Well, if Lubin intends to win the bet, Ethereum must have at least 15 unique dapps with at least 10000 or more daily active users on each Dapp for any six calendar months in the year up to May 23, 2023.
While Lubin is quite confident on ETH Dapp performance, Song as well is very much confident in his tone. But considering the fluctuating crypto market scenario, only time will speak the future..!
For now, Ethereum is soaring new highs which makes it the top gainer on the coinmarketcap.
Image credit – Shutterstock
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com