Did CryptoKitties Cause the Ethereum to Rise In Value?

Did CryptoKitties Cause the Ethereum to Rise In Value? Ethereum has experienced a sizeable increase in its value in recent time. The cryptocurrency had been trading consistently around the $470 mark but it got near the $500 plateau in recent time. It hit $501 on the afternoon of December 9 before moving down a bit to $475. But the best total came on November 29 when the currency went up to $514 in value.

Much of this is thanks to how the American market has become more prominent in recent time. The United States recently surpassed South Korea as the top country for trading Ethereum. This is according to information from Coinbase, the prominent cryptocurrency exchange that offers Ethereum trading functions.

It is widely believed that the new CryptoKitties app might be responsible for helping to get Ethereum to briefly rise in value. The CryptoKitties decentralized app is based off of Ethereum and went for about 14 percent of the current transaction volume of the currency. The popularity of the program might potentially help keep the currency viable and likely to grow in value even further over time.

The potential for the value of Ethereum to rise thanks to the game is strong as people notice how the blockchain is used in the game. This offers an organization for handling data that might spread into other applications including financial ones.

What Is CryptoKitties?

CryptoKitties is an app where people can collect items and breed their own virtual cats. People can find individual cats online and breed them together to create their own distinct cats. These include cats that have their own unique coat patterns and other distinct features.

The game is being promoted as one that offers fully unique virtual pets. Every single cat produced on CryptoKitties is completely unique.

This game encourages players to keep looking for the rarest possible virtual cats. This means that the entire blockchain setup has some value to it as people continue to go around looking for all the best cats they can use and show off within the game.

Increasing the Value of the Blockchain

Although CryptoKitties sounds like a simple game that focuses on collecting items and creating new things, it is also something that shows just how potentially powerful the blockchain behind Ethereum can be. It shows how virtual assets outside of money can be traded over a blockchain system. It expresses a key functionality of the system and improves upon how well the system works.

With this in mind, larger exchanges and businesses could use a system similar to what CryptoKitties uses. This would entail working with a special layout for handling data and getting points transferred from one party to the next. As this is run carefully, it becomes easier for the blockchain to be used to one’s benefit and without concerns.

The development of the CryptoKitties game is a clear sign of just how popular the Ethereum currency can be and how it may be used for the production of decentralized apps. The functionality of CryptoKitties and its demonstration of how the blockchain works for transferring data beyond money could potentially cause the value of the digital currency to rise.