At press time, the second-largest cryptocurrency by market cap and the number one competitor to bitcoin is trading for approximately $466. This is about ten dollars less than where it stood just 24 hours ago.
This has not been a great week for Ethereum. The number two cryptocurrency has been hit with several major issues, such as Ponzi games being developed on its network and the sudden rejection of institutional investors, many of which are betting against Ethereum and hoping it will fail.
One source suggests the bears could be entering the mix yet again. Ethereum support presently lies at $440, and the currency continues to lose stability. The next big goal is $490 and granted support can move up to the $470 range, Ethereum may find itself traversing this arena in the coming weeks.
Since Wednesday, the currency’s total market cap has risen from $45.5 billion to about $48 billion, while the daily trading volume has dropped down from $2.2 billion to $1.9 billion, though for the past 24 hours, the daily trading volume has averaged out at approximately $1.6 billion. These trips could be why ether’s price is unable to maintain a lasting position and garner support above $480.
However, the currency did get a big boost this week when 11 companies agreed to join a network that would develop an Ethereum-based platform for lawyers. Think about it: Ethereum and the law? They might go hand in hand considering the currency’s smart contract capabilities.
Known as the “Agreements Network,” the platform is being designed so lawyers and attorneys can perform tasks like managing contracts, leases and governance documents that are compatible with the Ethereum blockchain. The network is slated to destroy any need for PDFs and other documents that are vulnerable to viruses, hackings, and “eyes that don’t belong.”
Dean Sonderegger – general manager of the legal markets group at information services company Wolters Kluwer – believes that the network is coming about due to corporate clients demanding more protection.
“Corporate legal clients are becoming much more demanding of law firms,” he insists. “As a result, they may disallow billing for activities they don’t see as profitable, and this creates a lot of pressure on firms’ bottom lines. There’s a very real financial incentive for the law firm to become more efficient and provide more value. Whereas it has traditionally been difficult to get attorneys to use different tools and apps, you’re seeing the market pull them in a way where they have to do that.”
Co-founder of the network Casey Kuhlman is also the CEO of blockchain software company Monax. He says that the platform is currently in its test net phase, and that everything should be ready by October.
Ethereum Charts by TradingView
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