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Ethereum Inches Skyward, Breaks Through $250 On Strong Buying Pressure From Asia

by Taki Tsaklanos, SGT Report:

Ether remains red hot. It was another all-time high in the Ethereum price today. Ethereum hit $268 intraday, an amazing performance knowing that it doubled in just one week (after the flash crash). We remain convinced that this is real-life demand for Ether kicking in as opposed to what some tend to call an Ethereum bubble underway.

Even traditional media outlets like CNBC are providing more coverage on¬†Ethereum.¬†For us, the most interesting news sugget of the day is that¬†38 percent of trading volume in ethereum comes from South Korea, according to¬†Cryptocompare.com,¬†with rising interest from multiple Asian countries.¬†Indeed, Asia has a particular interest in Ethereum. According to the founder of Gatecoin, ‚Äúall major Asian exchanges are currently overwhelmed by the sudden growth in our client base and trading activity.‚ÄĚ

Moreover, it appears that Vitalik Buterin, founder of Ethereum, met with Russian President Vladimir Putin. The discussed how to apply Ethereum in Russia, something that should underpin regulation and government intervention which should drive the price of ethereum.

According to another article on CNBC, it appears that an entity named i2 Storj SPV raised $2.4 million from a group of 30 investors. CNBC reported this based on a filing with the SEC. The firm behind the vehicle is Iterative Instinct Management, a New York-based hedge fund that specializes in cryptocurrency and blockchain technology. This indicates real life investment demand is picking up which is fully in line with the observations which were examined by InvestingHaven to derive their bullish Ethereum price forecast of $1000.

It is really no coincidence that Ethereum is growing that quickly. This is much more than just speculation. If anything, the underlying technology, Blockchain, is growing very fast.¬†The global blockchain technology market will grow 11-fold by 2021 to $2.3 billion from $210.2 million last year, according to research firm¬†Market Reports Hub. That underpins the the growth of Ethereum and its price; it is the ultimate proof that Ethereum’s rise is for real and will last for a long time.

Along the same lines, Techcrunch reported today that, even if many organizations are invested in leveraging Ethereum to serve as a basis for privatized versions, the overarching goal is that one day, each institution’s private networks will be connected to the global Ethereum blockchain. This will establish a new universal benchmark for information transactions.

Any coincidence to find out today that Ethereum’s price hit all-time highs, and is closing the day inches away from its highs?

Taki Tsaklanos / InvestingHaven.com

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