Ethereum Surges Nearly 13% After Breaking Through the $700 Mark

James McQuillan
  • Ethereum, the second biggest cryptocurrency by market cap, is up by 12.6 percent in the last 24-hour period.
  • It's bullrun may have several factors behind it, including the power of its blockchain and bullish predictions.

Ethereum has undergone bullrun today, as prices surged by about 12.6 percent in the last 24-hour period. The cryptocurrency has risen from $661.9 to about $765.3 at press time as trading continues, according to data from CryptoCompare.

Experts believe this bull run is part of a longer-spanning bullish breakout. This belief comes down to Ethereum's upward triangular pattern, which is allowing it to steadily increase its underlying value. An upward ascent is seen as more likely, along with a stable foundation value being above the previous $660 mark.

After breaking through the $700 mark, seen by some analysts as a resistance level, the cryptocurrency’s price kept surging. Recently, a South Korean developer made history by deciding to record details of the North and South Korea’s peace treaty on the Ethereum blockchain, where it’ll stay forever.

The move, made by Ryu Gi-hyeok, saw him make two ETH transactions with English and Korean translations of the Panmunjom Declaration. It likely reminded investors about some of the potentials the immutable Ethereum blockchain has. Part of what’s recorded reads:

“South and North Korea agreed to encourage more active cooperation, exchanges, visits and contacts at all levels in order to rejuvenate the sense of national reconciliation and unity.”

Panmunjom Declaration

There are several factors which are conspiring to make or break the continued performance of Ethereum on the market. One is ongoing between the US' regulatory body, the Securities and Exchange Commission (SEC), in their judgement of whether cryptocurrencies like Ethereum qualify as a form of security.

Reddit co-founder Alexis Ohanian, has recently expressed his utmost confidence that Ethereum will continue its bullish run into the $15,000 mark. Citing the febrile rate of interest companies now express towards applying blockchain technology.

He was quoted as saying:

“At the end of the year, Bitcoin will be at $20,000. And Ethereum will be at $15,000. Great, now people can call me out if I’m wrong."

Alexis Ohanian

Ohanian added that most of blockchain technology’s, basic infrastructure will need to be built in the next year or two in order for us to see the “Web 3.0”

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