Is Ethereum (ETH) Leading a Price Recovery?
As some predict the cryptocurrency markets have hit bottom (again) and are now set to recover, Ethereum seems to be quietly leading what may or may not be a recovery with a 11.5% overall price increase for ETH across the week.
Considering Ethereum technology has the widest adoption currently in the sector, it is surprising its Ether (ETH) performance isn’t better. This week’s major dip, then recovery, for ETH has been pinned to a selloff of shorts and other market behaviors rather than a specific event.
So, what is going on with Ethereum at the moment?
ICO Projects Still Hold $500 Million in ETH
Reassuringly, the assumption of some investors that the selloff has included ICO projects deployed on Ethereum has been put to rest by researchers at Diar. The publication concluded Ethereum-based projects hold over $500 million in ETH, a figure that’s not moving right now.
“Some of the most popular and anticipated projects, most of which have yet to launch, are sitting on treasuries north of $500M,” say the researchers.
Ethereum Development is Strong
Ethereum-based development is certainly continuing apace. CCN interviewed Sam Cassatt, Chief Strategy Officer of ConsenSys at TechCruch Disrupt San Francisco this week. ConsenSys are leading the charge in global Ethereum-based development with Cassatt confirming:
“ConsenSys Solutions takes the Ethereum Blockchain technology, designs a solution based on it and then implements that.”
ConsenSys is creating “manifestations” of blockchain technology while “helping all the incumbents in the world realize the use cases of Blockchain at the same time,” explained Cassatt:
“Our general strategy is to just develop the whole ecosystem of Ethereum, get it into the hands of as many corporates and as many governments as possible and get the whole world and realizing what they can do.”
Suggested Reading : Dive deep into Etheruem in our beginner’s guide.
Ethereum 2.0 Roadmap
The Ethereum 2.0 roadmap was also published just over a week ago, which included confirmation of plans for the Ethereum blockchain to be completely Internet of Things (IoT) compatible by the end of November 2018.
Rocket Pool took a detailed look at the roadmap and prospects for Ethereum which could see it become a key piece of technological infrastructure and a platform for new economic systems globally.
Ethereum’s not without competition for this space in our technological future. However, there are many Ethereum projects in development. If just a handful prove successful in coming months the price of ETH may rise, fed by this success.
Is Ethereum leading a recovery? It’s hard to tell, but this week does see ETH with the highest percentage price increase out of the top 15 cryptocurrencies by market capitalization. ETH is beaten significantly by Tezos at 16th by market capitalization showing a healthy 32% price increase across the week.
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