The crypto market has continued its recovery on Wednesday and edged higher in afternoon trade.
This has left the entire crypto industry with an improved market value of approximately US$264.6 billion according to Coin Market Cap.
The Bitcoin (BTC) price is up marginally over the last 24 hours to US$6,830.35 per coin, but the best performing major coin by some distance has been Ethereum (ETH).
The Ethereum price has risen 3.3% since this time yesterday to US$413.06 per token, giving it a market capitalisation of almost US$40.8 billion.
This latest push higher has now extended Ethereum's gain since Friday afternoon to over 12%.
Why is Ethereum on fire?
As well as improved sentiment in crypto circles, there appears to be a couple of catalysts for this push higher.
The first is that, like Bitcoin before it, Ethereum has survived its own death cross. The death cross is a technical analysis indicator which occurs when there is a bearish crossover between the 50-day moving average and the 200-day moving average.
It often results in traders hitting the sell button in a hurry, driving an asset's price down significantly.
But this sell-off hasn't materialised and its shares have pushed higher instead, giving trader sentiment an additional boost.
Further to this, another potential catalyst is the arrival of Golem, a peer-to-peer market that puts a computer's excess CPU power to use for other people.
According to CoinDesk, a beta version of the ambitious project has finally been launched on the Ethereum Mainnet today.
Golem has been described as the "Airbnb for computers" and aims to create a global market for idle computing power. Users can rent out unused computing power and be paid for it in cryptocurrency.
Time will tell whether the project will be a success, but I'm a big fan of the idea.
