At press time, Bitcoin’s largest competitor and the world’s second largest alt-asset by total market capitalization is trading at $283.80, a price that is quite similar to what the currency was trading for yesterday afternoon.
While Ether is yet to break the $300 threshold since August 13, Bitcoin is currently surging and has gained over 1% in value over the past 24 hours. Additionally, BTC is currently trading at around $7,375 and many experts believe that the currency is well on its way to crossing the $7,400 mark within the coming few days.
In terms of Ethereum’s weekly performance, the currency has managed to average a minor fractional gain of 0.1, but on a monthly scale, the asset has incurred an overall loss of around 31%.
As a whole, the alt-asset sector seems to be doing well once again, with the total market cap of all the cryptocurrencies combined currently standing at $239 Bln— showcasing an increase of $9 Bln over the course of the past week.
CBOE Speculation Might be Hurting the Currency
Recently, Ether has been faced with immense market pressure due to speculation regarding the CBOE launching ETH futures in the coming few weeks. Experts have been quick to point out that once this offering is released to the public, Ethereum could meet the same fate as Bitcoin, wherein once BTC futures were released by the CME and CBOE last year, the value of the world’s premier crypto asset dropped by over 65% within a span of just 6 months.
In addition to this, the future value forecast for Ethereum by Satis, a reputable ICO research organization, does not seem to be very positive— especially when compared to Bitcoin. As a result of this, it would not be surprising to see investors move their funds around and take their holdings out from this digital token.
Despite Bearish Signals, ETH Blockchain Adoption Continues
Even though the asset in itself is failing to gain widespread traction, the use of Ethereum as a future-ready tech platform continues to gain momentum. For starters, Google announced yesterday that it was going to make use of Ether’s native blockchain data for its Petabyte-scale data warehousing solution, Big Query, for performing “detailed analysis of existing smart contracts” in a simple and streamlined manner.
For now, the currency seems to be in decent shape but considering how volatile this market space is these days, one never knows what the future holds for this ever-evolving sector.
Price Chart Courtesy of TradingView.com