Ethereum just rose above $230, a increase of 33% in the week and back up to October 2018 levels. Here are five reasons it’s leading the charge of the altcoins.
1. Taking Bitcoin’s lead
There’s no doubt that all cryptocurrency altcoins are correlated with Bitcoin. Bitcoin alone accounts for 57% of the entire market capitalisation, and is the primary on-ramp to crypto. Where Bitcoin leads, the others follow. And Bitcoin is surging since it passed the “Golden Cross” on the 22nd April.
2. Big names are backing Ethereum
JP Morgan’s created Quorum, an enterprise version of Ethereum. Microsoft will offer its customers to build Ethereum-based blockchain solutions on its Azure cloud platform, and Starbucks will use Azure and the Ethereum blockchain to track and benefit its coffee farmers. There are also rumous of Samsung using the Ethereum platform and the possibility of an Ethereum derivative which is being considered by the CFTC (U.S. Commodity Futures Trading Commission).
As well as these large enterprises getting behind Ethereum, Mike Novogratz, a Bitcoin proponent, just gave a big endorsement of Ethereum. During the Ethereal Summit, the founder of Galaxy Digital Group said Ethereum should eclipse Bitcoin’s stature as a store of value asset. Read More...