While most people focus on Bitcoin as a digital alternative – to physical commodities such as Gold, or as a possible alternative to fiat currency; in a manner of speaking, the spotlight is somewhat lost on Ethereum despite being the number one altcoin by CoinMarketCap. Could Ethereum be taking on the metaphorical pseudonym as digital oil in the emerging digital economy?
Ethereum seems to be making a gradual comeback with a significant push past several resistance levels. Now up to more than 200 percent price growth since its all-time low in December, speculations have it that the trend may continue, perhaps to the USD 300 mark to which it currently trades close to.
Strong fundamentals seem to be brewing on the development front of the Ethereum ecosystem. The famous Ethereum 2.0 public testnet is finally making progress to feature full proof of stake and sharding algorithms, all in the bid to raise the transaction speed to as much as 1000 tps.
During the ConsenSys Ethereal Summit, Aya Miyaguchi Executive Director of Ethereum Foundation revealed a planned sum of USD 30 million to support the Ethereum ecosystem. The funding will reportedly be used to improve the current PoW algorithm of Ethereum 1.x, the general core support, and development to enhance the overall performance and security of Ethereum.
Recent news about an Ethereum futures contract likely to get the approval of the US Commodity Futures Trading Commission (CFTC), could be considered bullish, especially when the last time the CFTC was involved in approval such a derivative product – Bitcoin futures, the flagship cryptocurrency went up in price.
Microsoft has also shown immense interest in Ethereum’s ecosystem, with the launch of its Azure Blockchain Development Kit for Ethereum which allows the users to build Ethereum-based apps and smart contract deployable on the Ethereum blockchain or the Azure Blockchain Service.
Ethereum’s drop from its all-time of USD 1,432.88 in January 2018 to its all-time low of USD 82.83 taking a loss of over 94% was a huge drawback, however, it seems the market is having a more positive outlook.
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