At press time, the second-largest cryptocurrency by market cap and the number one competitor to bitcoin is trading for just under $290. That’s a spike of roughly five percent over the last 24 hours.
The entire cryptocurrency market appears to be going bullish, with bitcoin having jumped by over $300 since yesterday to break the $7,000 mark. Dash has also jumped by over 20 percent, and is now trading for $183, while bitcoin cash has broken the $550 mark. Entities like IOTA and Tron’s TRX have also jumped by 16 and 13 percent respectively. Litecoin has also moved beyond the $60 line.
Unfortunately, Ethereum is still heavily affected by recent sell-offs. The good news is that the currency has broken $280, which was critical for the coin’s success as that was where the harshest resistance had formed. The bad news? It now has $290 and $300 to surpass before anything truly significant can occur.
Present support sits at $282, and though buyers have once again garnered control, the sellers are still looking for a way in at $285. Right now, major support sits at $270. For the currency to garner any serious traction in the cryptocurrency space, buyers will need to push beyond the $300 mark to define further movement to both $320 and $350.
This may happen now that Ethereum is headed for some serious adoption through what’s known as the Morgan Creek Digital Asset Index Fund. Presently backed by the Morgan Creek institutional investment house (which manages over $1.5 billion in customer assets), the fund will give accredited investors, along with pensions and endowments a new way to invest in bitcoin, Ethereum, and other forms of crypto. The signs are there that cryptocurrency is growing like mad, and stock market players and other individuals who know what they’re doing are looking for a way to play the crypto game.
Morgan Creek digital partner Anthony Pompliano explains how the process will work:
“If there’s a central party that owns 30 percent or more of the supply, then we withhold those from the index because we think that introduces a lot of additional risk that may not be there if it was a more decentralized network. We’re fully prepared and feel we’ve built something that institutional investors will find attractive regardless of how the assets are categorized, whether they’re securities or not.”
Morgan Creek CEO Mark Yusko explained that the company is also partnering with Bitwise to garner the “asset access” it needs for new customers:
“We set up the product with Bitwise and created a structure that we endeavor will become the industry standard the way the S&P became the industry standard for indexing equities. That’s our long-term vision, our long-term goal.”