While Bitcoin (BTC) led the market into a bullish run, other cryptocurrencies like Ethereum (ETH) have surged in price as well. The price of ETH has increased over 20% from its weekly low of $167 to a local high near $210.
There are several reasons to explain ETH’s price rise, 3 of which are explained below.
1. Ethereum is actually achieving real-world adoption, with more than 50% of the billion-dollar firms included in Forbes Blockchain 50 list building applications on top of Ethereum or platforms derived from it.
These companies include cloud-based computing platforms such as Amazon’s Web Services and Microsoft’s Azure. It even includes the traditional banking industry with over 200 global banks being exposed to Quorum, an enterprise-focused version of Ethereum.
As well, Ernst & Young, a professional services firm with clients such as Amazon, Apple, Google, and Snapchat, has released a tool to help these corporate clients build on the Ethereum blockchain.
2. Ethereum is being used for payments across 30,000 stores from 16 different enterprises including Crate and Barrel, Nordstrom, Amazon’s Whole Foods, Starbucks, and more. This is made possible from a payments collaboration with Flexa, which enables crypto payments at retail stores.
In addition to the ETH payment possibilities mentioned above, eBay is rumored to soon be accepting cryptocurrency payments and you can bet that Ethereum (ETH) will be one of them.
3. Samsung is rumored to be launching its crypto token on the Ethereum blockchain. While this is yet to be confirmed, reports suggest that Samsung is developing on Ethereum’s blockchain, which makes sense, seeing as Samsung’s Galaxy S10 phone is supporting Ethereum and ERC-20 tokens.
All in all, the above-mentioned explanations for Ethereum’s recent price rise are only the tip of the iceberg. After all, Ethereum’s protocol is leading the blockchain industry, and it has the brightest minds in the crypto space developing it.
What do you think is the biggest reason for Ethereum’s rise in price? Let us know what you think in the comment section below.