Ethereum (ETH/USD) price surged above the $640 level recently and traded to a new all-time high at $653 against the US dollar, NewsBTC reported.
One of the main reasons why Ethereum has experienced a growth is due to developer activities around the Ethereum blockchain network. Furthermore, the growth to a new all-time high could also be explained by the high success registered by the CryptoKitties app.
The smart contract of CryptoKitties represented about 14% of the cryptocurrency's network transaction volume.
Peter Atwater, who studies market sentiment and heads Financial Insyghts, believes CyrptoKitties can prosper.
He said: “The popularity of virtual cats fits the euphoria we see elsewhere in the crypto-currency space. It feels very reminiscent of the Candy Crush craze that helped propel the King Entertainment IPO back at the peak of the ‘Unicorn’ era in mid 2014.”
CyrptoKitties developers believe it will thrive because unlike Bitcoin (Bitcoin), players will still have the value of their kitties secured on the Ethereum blockchain, even if the game and its creators disappear.