Although many were struck by Bitcoin's stellar performance last week, with assets rising from a low from the start of the year to $ 3,150 to a maximum of more than $ 4,200 within a few days, Ethereum (ETH) outperformed the peak cryptocurrency within the same time frame.
More specifically, according to data compiled by Live Coin Watch, Ether has risen from $ 85 to $ 130 (current price) over the last seven days, a staggering 50% gain if my math towel serves me well. To give this price action a certain perspective, in the last week, the aggregate value of all "single" cryptocurrencies rose from $ 102 billion to $ 134 billion.
This move has led many to wonder: what pushed Ethereum so much?
ConsenSys does not stop and burns
Last week, The Verge reported that Ethereum's primary development study, ConsenSys, was ready to lay off 50% ~ 60% of its 1,200 employees in an apparent offer to cut costs. Insiders argue that Joseph Lubin, a co-founder of Ethereum and the head of ConsenSys, was trying to eliminate employees who were not relevant to the future of the New York-based startup (2.0).
Those familiar with the issue also noted that the company had no plans to provide a staff cessation package, preventing those who had been affected to go to the bottom. And given that ConsenSys plays a key role in the expansive ecosystem of Ethereum, since it hosts MetaMask, Truffle, Alethio and Kaleido, this news has probably sent investors into delirium. If the boot had collapsed, the network would have supported much of Ether as well.
However, as reported by Ethereum World News later, Lubin said that the "conjecture and paranoia preventive" that the media have thrown on him and his company do not believe, since ConsenSys "remains healthy and is engaged in a rebalancing priorities. "This change, as clarified by the startup manager, began nine months ago, when the bear market in 2018 had just begun. This clarification probably played a small role in restoring the trust of Ether's investors in the popular network.
Through a recent bi-weekly call of the core developers of Ethereum, it was confirmed that Constantinople, the next relevant protocol of the project, will be activated on the processing of the 7.080.000 block, which is expected to arrive around January 14, for CoinTelegraph and the Etherscan statistics.
For those who are not aware, the launch of Constantinople is a relevant event in the long-term Ethereum calendar, as the update will move the long-standing project one step closer to Serenity.
Justin Drake, a blockchain researcher, recently told Ran NeuNer that Serenity, or Ethereum 2.0, did well. Drake said the researchers continued to propose better and better designs for the updated blockchain, which would see Ethereum activate Sharding, a protocol that accelerates data processing.
Vitalik Buterin, a co-founder of the world-renowned project, also praised Serenity. At Devcon4, the Russian-Canadian coder noted that the revision of the blockchain may eventually facilitate "pure consent of the PoS, faster times to synchronous confirmation (8-16 seconds), economic purpose (10-20 minutes)" and, above all , a 1,000 x scalability increase, which will probably discredit all scalability fears.
As we get closer and closer to January 14, investors will likely continue to "buy the rumor, sell the news", raising the price of Eth.
CFTC requests for comments on Ether
After over a year of clamoring around Bitcoin futures, while CBOE and CME launched contracts and Bakkt unveiled their plans, a new competitor is expected to enter the Crypto alternative investment vehicle scene. This, of course, is Ethereum, which previously sat in Bitcoin as the second most valuable capitalized cryptocurrency.
The Commission for Commodities Futures Futures (CFTC) confirmed these rumors only last week, as the entity submitted an "information request" to the public regarding alternative cryptocurrencies, namely l & # 39; ETH. The governmental authority wrote:
"L & # 39; RFI [Request For Information] it also seeks to understand the similarities and distinctions between Ether and bitcoin, as well as opportunities, challenges and specific risks of Ether. "
It is believed that the CFTC is seeking public opinions and comments to precede its decision on a tool sponsored by the ETH, such as the proposed future by Ethereum supported by the CBOE. The arrival of such a product could push the asset higher up in time.
Disclaimer: Since this is a booklet / opinion, the sentiment expressed in this article is the author's speculation, not cold, concrete facts.
Title token Ether Image courtesy of Cryptocurrency360.com/ Via Flickr