The price of Ethereum rose up recently despite the issue of a bug that ended up locking around $150 million in user funds. Ethereum is one of the most widely used cryptocurrencies today. It is the second largest by market capitalization and continues to grow at an exponential rate.
As most currencies aside from Bitcoin shot down over this month so far, Ethereum seemed to stay around the $300 mark. The coin was not able to keep up with the high gains that bitcoin made, even though bitcoin mostly went up due to speculative news in the industry. This past week from November 2nd to November 9th, the coin managed to shoot up by around 12% from $289 to $326, giving it a market cap of over $30 billion.
The biggest market for Ethereum counties to be South Korea due to the popular trading entity in the country known as Bithumb. They recently won a trading pair for 15% of all ethereum trading across the country which may prove itself as the reason the coin went up. One of the other drivers for the price is the cancellation of the SegWit2x hard fork in the bitcoin marketplace.
This separation caused a large about of instability in the market for bitcoin and ended up driving investors to move to the next safest option which proved to be ethereum. Some of the money that people planned to invest in the hard fork currency was taken out of ethereum for investment purposes.
When the announcement came that it would be cancelled, people drove their investments back into the former. Ethereum has proved itself as one of the best investments this year showing astronomical gains to those who got in earlier. The hopes are high that the coin can cointue these gains as time goes on.