The increase in the value of Ethereum has exceeded what was expected in this month. As of April 24, the price of Ethereum almost got to an all-time high of $700. Will the price of Ethereum hit or exceed $700?
The Value of Ethereum
A lot of positive results around cryptocurrencies have pushed the crypto market up, and the price of Ethereum also goes up with it. The value of Ethereum has been on the rise, and it experienced a 7.2% increase which made its current trading value $680.
Bitcoins continues to be at the top of the chart in the crypto market, at a value of $9,258. The current trading price of BitcoinCash is at $1,539, while Ripple increased by 5.2% with a trading value of $0.95. Litecoin is currently trading at $160 after it experienced an 8% increase.
Will the Price of Ethereum Hit the 700 USD Mark?
Ethereum is the second largest cryptocurrency in the market, and its value has drastically increased this week. This month has been a crucial one for the crypto market, as there was a huge sell-off during the tax deadline threat of the United States to derail the plans of 2018. The CEO of Fundstrat predicted United States traders owed the taxman tax liabilities of 150 billion USD.
The tax liability they owed can only be settled by selling off a significant amount of cryptocurrency, but the crypto market still stood strong, and it has been yielding better results ever since. The news that developers have released plan to improve and tackle issues also boosted Ethereum.
Ethereum Improvement Proposal (EIP)
The upgrades, which are explained in the EIP include an update for the FFG (Friendly Finality Gadget) to transform the network’s focus. The Ethereum Improvement Proposal is aimed at changing the categorization of miners depending on the amount of Ether they mine.