Ethereum prices continue to rise today as the cryptocurrency market recovers from the US tax deadline.
Ether has seen an 8.42 percent spike in the last hour.
As of 7pm, Ethereum was trading at $557.88, showing strong signs of a continued bull-run.
The rest of the crypto-market has posted strong results as well.
Bitcoin is up 2 percent to trade at 48,234. Ripple is trading at $0.728, with Bitcoin Cash going for $940.
Litecoin is also trading higher at $142.
Is Ether on the rise?
Ethereum prices have been steadily increasing along with the rest of the cryptocurrency market this week following a tax deadline scare.
Analysts predicted the deadline for American’s to file their taxes would force a widespread sell-off of cryptocurrencies, driving prices down as investors attempted to raise money to pay for capital gains tax.
Fundstrat hedge fund CEO, Tom Lee, estimated the IRS will collect $25 billion in realised gains from US investors.
He said: “The most that they’ve ever received in capital gains in any single year was $144 billion.”
Ethereum price news: What is the price of Ethereum today? Is Ether on the rise?
Ethereum has seen stocks rise, and news of new partnerships are a welcome relief to investors after fears rose that the bubble was about to burst.
Benjamin Davis, CEO of the London Block Exchange (LBX) told Express.co.uk that a notable increase in Ether has been sent through his firm.
He said: “The common assumption is that institutional investors shy away from new asset classes such as cryptocurrency.
“However, that’s not what we are seeing here at LBX; we’ve seen a huge uplift in institutional interest recently. Since Q1 2018, we’re now handling many millions in trades each month.
“From hedge funds to pension funds, institutional investors are taking cryptocurrency seriously.
“At LBX, institutional investors have had access to our over-the-counter desk for some time, which allows investors to trade cryptocurrencies under preferential conditions for high volume orders.”
Ethereum has been steadily increasing today
Ethereum creator, Vitalik Buterin, welcomes the increase, but is evidently surprised with how well it has gone, with no immediate plans for future success.
Buterin told the FT: “I have no idea. I generally don’t plan more than three months ahead, let alone five years.”
“It’s the luck of the draw, where everyone who won the draw seems to feel like they deserved it for being smarter.”
He said: “You know you’re in a bubble when some totally random project raising something like $8m is like, oh yeah that’s peanuts.”
The seven day chart for ethereum is strong
The god of lightning to boost Ether?
Researchers from Warsaw, Poland, have unveiled a new white paper, entitled: entitled “Foundations of State Channel Networks,” which outlines a protocol designed to help ethereum scale to support higher volumes of more complex smart contracts.
Nicknamed Perun, the Slavic god of thunder and lightning, the project aims to move transactions off of the blockchain, as it provides formal security definitions and security proofs for its protocol.
A small innovation perhaps, but one University of Warsaw associate professor Stefan Dziembowski, a co-author of the paper, argues can’t be undersold given the nature of value transfers.
He told CoinDesk: “We are convinced that in the context of cryptocurrencies, a sound security analysis is of particular importance because security flaws have a direct monetary value and hence, unlike in many other settings, are guaranteed to be exploited.”
Ether creator, Vitalik Buterin praised the idea, positing that the security proofs the team had implemented were a step in the right direction for the ecosystem overall, and should be studied, if not adopted, by scaling projects of all kinds.
Buterin said: ”I definitely do think that we need some kind of general-purpose machinery for formally verifying properties of layer-two systems in general.”