Ethereum has green ink across its “1h,” “24h,” and “7d” categories on the CoinMarketCap website, something that we haven’t seen in quite some time. What a beautiful sight to see.
The Ethereum to USD exchange rate is up 1.82% based on Monday’s trading activity, reaching $292.48. At the same time, ETH is down 2.65% against Bitcoin.
One of the currency’s most important qualities is its wide base of support. Unlike some of the smaller altcoins, ETH trading isn’t clustered around a single exchange or denominated in a single currency.
Its most active exchange, a Korean hub called Bithumb, accounted for just 13.72%.
Collectively, the top five exchanges make up less than 40%, meaning that its trading volume should be insulated from regulatory risk. However, it takes a bull market for investors to see the dividing lines between various cryptocurrencies.
For example, during the Chinese crackdown, Ripple fell as much as Litecoin. How is that possible? The latter was a public blockchain with enormous trading activity in China while the former was an enterprise blockchain with virtually no presence in China.
These lines will get clearer over time. In the meantime, it’s just nice to see the crypto market bounce back en masse.
The bullish rally is creating space for investors to see clearly. Till now, they were blind to really important Ethereum news, such as the Byzantium fork on October 17. It will occur at block number 4,370,000.
The fork will add privacy features to Ethereum, closing some of the gaps in ETH’s sales pitch to investors. It may even poach support from currencies in the privacy wing of the crypto market, such as Zcash and Monero.
We remain immensely bullish on Ethereum. It is the most promising cryptocurrency around, both because of its decentralized applications and Vitalik Buterin’s calm leadership. He is the child prodigy that designed Ethereum before his 20th birthday.
It was Buterin’s decision to postpone the Byzantium fork from October 9 to 17. He recommended the delay to prod developers in the right direction, subtly shifting their incentives towards the new blockchain.
It was a deft touch, but one that could help spur ETH towards our $1,000 Ethereum price forecast. We expect it to reach this level within a six- to 12-month span.