Cryptocurrency prices are soaring and the market is currently bullish, bitcoin crossing the previous resistances registering a breakout. Other cryptocurrencies are also gaining attention with search volume for Ethereum (ETH) reaching levels last seen in March 2018. The newfound interest isn’t transient as nothing noteworthy enough has recently happened.
Buttressing the finding, Ether’s price has also increased recently, registering a whopping 28% increase within the past week, according to pricing data sourced from Coinmarketcap which takes into account prices from multiple different crypto exchanges.
Another explanation for the increase in prices is a surge in the number of Ethereum users during the past few months. Thousands of new wallets were created on the Ethereum blockchain recently holding a sizeable amount of the cryptocurrency which points out to how investors are currently HODLing their stack of Ethereum. Another new addition to the ecosystem is decentralized financial applications based on smart contracts, also known as DeFi. This has led to heightened interest of people from the FinTech industry with blockchain being used across an increasing number of industries.