The bull run of bitcoin is rubbing charms on Ethereum too, as the crypto currency has crossed $500 mark today and is trading at $505.81 right now! Since the beginning of this year, Ethereum or Eth, has increased by 5000% in price and is now valued at $48.68 billion.
The bull run of Ethereum should not surprise you, as it has pitched itself as a better alternative to bitcoin core. Recent bull run on Eth can be attributed to the future trading of bitcoin which will start on Sunday. As expected, a lot of people will take up short positions in bitcoin, which can drive the weak hands out of the game, forcing bitcoin to crash in the short term. Touted as an alternative to bitcoin, those people will flock to buy Ethereum and that reasoning seems to drive up the prices here.
Another crypto coin that will benefit from the recent runs of IOTA and ETH will be Dragonchain coin (DRGN), which is right now trading exclusively on EtherDelta. The coin dragonchain is yet to hit a major exchange like bittrex and binance, and is expected to rise once it does that.
Crypto coins is very speculative and investor should exercise caution while investing.