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Jul 8, 2020

Ethereum surges to highest price in nearly two weeks

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Ethereum, the second-largest cryptocurrency by market cap and a primary competitor to Bitcoin, has surged in price by nearly 7% since this morning. ETH is now trading right around $240.

This marks the highest price for Ethereum in nearly two weeks. The last time ETH was trading beyond the $240 price point was June 24. Since then, ETH bears have largely been behind the wheel, driving the cryptocurrency down to a monthly low of $220 last week.

Ethereum has since recovered $20 to its price since then, a 10% jump.

The price pump follows news that a new, Ethereum-based investment fund has just been cleared to launch by the SEC. The new fund, a product of the LA-based Arca, allows investors to buy digital shares in the Arca US Treasury Fund in the form of the firm’s Ethereum-based token, ArCoin.

What’s more, a new survey of blockchain companies in Europe shows a growing interest in Ethereum as well. A new report released by London and Paris-based venture capital fund LeadBlock Partners suggest that roughly one-third (about 27%) of blockchain startups in the European Union are using Ethereum for their projects.

As it stands, ETH is much more popular among blockchain startups in Europe than Bitcoin, which only accounts for roughly 8% of EU-based blockchain startup projects.

Meanwhile, the rest of the crypto market is having a much better day than it did at the end of last week. Bitcoin is up almost 4%, while XRP and Bitcoin Cash are up 6% and 8%, respectively, on the day.

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