The price of Ethereum has hit a new high at above $450 threshold, with current price being at $460, up around 40% in the past 7 days.
The ETH price been sideways lately, and has taken a few hits with events like the Parity wallet attack which occurred earlier this month. This and other situations may have had something to do with relatively flat investor interest in the platform.
There has been speculation over whether or not the Ethereum price has been artificially manipulated to staying low recently in a potential attempt to build momentum and demand. There are now more Ethereum transactions than there are from all other cryptocurrencies combined, so there’s certainly no shortage of demand.
Ethereum has also seen other positive news with interesting events like the historically significant regulated ETH denominated bond that was deployed recently by Nivaura with the support of JP Morgan, Moody’s and others.
Following this bond, we’re also seeing that Ethereum is perfectly poised to enter the derivatives market.
According to Smart Brief “An exchange dubbed “Virtuoso”, co-founded by Sunil Hirani, plans to offer ether derivatives, sources say, in the wake of a decision by CME Group and Cboe Global Markets to launch bitcoin futures.
Virtuoso is said to be working in line with the regulatory framework set by the U.S. Commodity Futures Trading Commission and will be catered to institutional investors and corporations. These corporations and institutional investors will have a decent amount of exposure to ethers’ price fluctuations.
Virtuoso is supposed to be deploying these derivatives contracts by the first or second quarter of next year, and afterwards it will branch off into providing swaps, forwards and other sorts of contracts.
We’re seeing sort of a domino effect in the market space when it comes to cryptocurrency, where one large financial player like CME or other’s pledge their entrance into the market others also follow suit to stay competitive.
Ethereum, has always positioned itself differently than bitcoin and has never stated that it was to serve a specific purpose, as Vitalik Buterin (founder of ETH) stated, ethereum is supposed to be utilized in various manners, it may be customized to the needs of consumers by the consumers themselves. There is enough flexibility in the platform to support various use cases, they haven’t positioned themselves as serving one purpose and therefore contain different functionalities which has contributed it’s growth in use by business, ICO’s and more. Ethereum is said to have a proper foundation and many businesses see this and have chosen to grow with the platform.
Crypto Market & BCH
As of this current writing, the overall size of the crypto market has surpassed $250 billion, at an increased value than before.
It seems that there is also a rise in the price of the cryptocurrency Bitcoin Cash or BCH, in its jump on the dollar, increasing higher than 30% against the USD to $1,588.10.
For BCH the jump comes from the acceptance of BCH by more virtual exchanges like Bitstamp, who recently stated that they would integrating Bitcoin Cash into it’s platform due to increasing demand.
Another provider that has expressed it’s intent to support the coin has also been Bitwalla. Showing that there is interest from investors and an increasing appetite by consumers.
Monero & Other Alts
We are also seeing that Monero, Dash, Ripple and others have seen their prices go up as well. For projects like Dash and Ripple, their teams have made movements and have conducted interesting activities that would justify the push in pricing.Follow us on Social Media: