Ethereum jumps more than 9% and hits 8-month high

Ethereum rose by more than 9% on spot trading today, to continue its strong gains for the third consecutive day, recording the highest level in eight months, after breaching the psychological barrier of $200, with investment demands accelerating due to the bullish market run, which currently controls The world's second-largest cryptocurrency trading.

On Bitstamp Stock Exchange, by 10:40 GMT, Ethereum is trading around $237.10, up by $19.62, or 9.1%, from the opening of $217.48, with the highest since September 30 at $237.40, 2018, and the lowest at $217.29.

Ethereum gained 10.75% yesterday, its second consecutive daily gain, as strong investment demand continues for the world's second largest cryptocurrency.

Ethereum gained 16.5% over the course of the current week, its second consecutive weekly gain, and its biggest weekly gain since the first week of April, due to the positive atmosphere that currently dominates the crypto market.

The market value of cryptocurrencies rose more than $13 billion to $247 billion on Wednesday, the highest level since August 2018, with the rising of most of the major cryptocurrencies in the market led by the Ethereum.

Ethereum market share of crypto trading rose over the last 72 hours from 9% to 9.97%, the highest level since April 23, as investment demand accelerated amid the bullish market run the dominates the world's second largest cryptocurrency.

The high investment demand for Ethereum comes as the South Korean technology giant, Samsung, allowed payments using Ethereum.

Samsung has received a lot of interest from the crypto supporters over the past few months, especially after its launch of a cryptocurrency portfolio on the Galaxy S10 smartphone.

The wallet allows the storing of cryptocurrencies with public and private keys. Although the pre-release images of the wallet showed Bitcoin logo, but the portfolio currently supports Ethereum codes only, while it's expected for it to support Bitcoin at some point in the future.