At press time, Bitcoin’s closest rival and the world’s second largest cryptocurrency by total market capitalization is trading at a relatively stable price point of $215.31. However, just under six hours ago, Ether was seen touching its week-high of $227, thus showcasing a daily gain of around 0.69%.
Additionally, it is also worth noting that the total market capitalization of Ether currently stands at just under the $22 Bln mark while the market cap of the altcoin sector as a whole lays at just over $200Bln— thus showcasing a drop of $4 Bln over the course of the past 24 hours.
Does ETH Have What it Takes to Sustain its Current Momentum?
During the last 4 days, the value of Ethereum has risen by over 33%, thus leading many analysts to ask the question, “Can the currency sustain its current bullish momentum”?. This is a valid query, especially when considering the fact that most of the other top 10 coins have struggled to stay in the ‘green zone’ since Wednesday.
Also, in regards to this matter, Andrew Keys, an executive member of the Consensys core committee, wrote in an article titled 18 Blockchain Predictions for 2018 that “Ethereum will touch a price point of $2000 by the end of this year”. However, considering how Ether’s market performance has been thus far, this prediction is most likely to not come true.
FOAM Creating a Decentralized World Map on the Ethereum Blockchain
A couple of months back, Ryan John King, CEO and co-founder of FOAM, talked about his vision of creating a decentralized world map which could eliminate existing issues of usability related to GPS systems. The firm aims to achieve this via a protocol called ’Proof of Location’ wherein users can register their ground coordinates on a blockchain system with the touch of a button. For each registered position, users are rewarded in the form of digital tokens.
However, due to current issues of manpower and registration of cartographic locations, there still remain many tangible problems that need to be addressed before this project can be actualized.
While the market conditions surrounding Ether seem to be good at the moment, it now remains to be seen if the currency can cross the $300 physiological barrier— which if conquered will most likely usher in another bull run for the premier crypto asset.