After a steep decline which left Ether struggling to stay above the $195 mark yesterday afternoon, the currency has once again turned things around for itself and is now trading at a comfortable price point of 211.28— showcasing an increase of 7.28% in its value over the course of the past 24-hours.
SEC Clarifies It’s Stance on ETH’s Financial Status
A few months back, the Commissioner of the US SEC, William Hinman, publicly opined that Ether is not a security and that any transactions related to the digital currency would be treated as such. However, in what can only be perceived as a change of heart, the Chairman of the SEC, Jay Clayton, has now come out and said that the comments made by Mr. Hinman were “non-binding” and should not be taken as a final word on the matter.
As per a notice published on the SEC’s official web portal, Clayton remarked:
“The Commission’s longstanding position is that all staff statements are nonbinding and create no enforceable legal rights or obligations of the Commission or other parties. Statements issued by SEC staff frequently include a disclaimer underscoring the important distinction between the Commission’s rules and regulations, on the one hand, and staff views on the other.”
Bitcoin’s Market Share Could be Eaten Up by Ether In the Coming 5 Years
Even though the crypto market keeps going through its daily share of financial ups and downs, there are those who sit comfortably with the knowledge that currencies such Ethereum, Bitcoin, Litecoin are here to stay for good.
Ian Macleod, a technical analyst for blockchain enabled art-agency, Thomas Crown Art, stated in an interview yesterday that “Ether has reached its financial bottom” and that things could only move up from here on out.
However, he then went on to drop a prediction bomb by claiming:
“I believe that over a longer [period of] time Ether will significantly dent bitcoin’s dominance. In fact, I think we can expect bitcoin to lose 50 percent of its cryptocurrency market share to Ethereum, its nearest rival, within five years.”
Final Take
After dropping below the $186 Bln mark yesterday afternoon, the total market capitalization of the alt-coin sector has once again risen to a respectable $199 Bln. However, it now remains to be seen whether the top 20 altcoins can find any financial stability or whether the existing tumultuous market conditions will continue to prevail.
Technical Chart Courtesy of Tradingview.com
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