Ethereum (ETH) along with majority of the crypto market enjoyed a dream start as the year begun. Ethereum hit its all-time trading high of $1,432 just 13 days into the year. The story has not been the same, downtrends are becoming a norm as the cryptocurrency market has failed to replicate the form it started the year with.
Growth in the crypto market are now short lived, on June 3rd, Ethereum recorded a price hike of over 5%, as a result, ETH traded as high as $624. However, the downtrend hit in the following days, leading Ethereum to lose more that 4% of its accumulated value.
Ethereum (ETH) opened today on a strong note, a price rise of 3.5% over the last 24 hours’ hands ETH a trading of value $610.62 USD. Ethereum may be in the green now, but it has suffered a fair share of the raging bears, declining by over 25% over the last month.
Ethereum remains the second largest cryptocurrency with an estimated market capitalization of $61 billion USD. The 24 hours’ trade – exchange volume of Ethereum seem rather flat at $1.737 billion. In comparison to the market figure of Ether earlier this year, crypto enthusiasts looking for quick price pump
Why Should You Stick with Ethereum (ETH)?
Ethereum’s impact on the growth of blockchain and cryptocurrency ever since it launched in 2015 cannot be over emphasized. Ethereum (ETH), now the second largest cryptocurrency has been referenced in more than 110 million Google searches and gets an average on 20,000 tweets daily.
Ethereum’s estimated developers base of 250,000 represents the largest blockchain developer community. As at the time of this writing, a total of 1,552 dApps have been created atop the Ethereum blockchain with more in development. Ethereum’s lapse in value is not a functionality issue.
Ethereum is Open to Growth
Much like most of the crypto market, Ethereum has not recorded any substantial growth over the last few months, still, Ethereum has recorded some basic growth in number of users, developers and dApps on the platform. The Proof of Work (PoW) to Proof of Stake (PoW) expected to propel the future of Ethereum.
Ethereum’s current blockchain which can handle about 13 transactions per second has been a limiting factor to the capabilities of distributed applications on the platform, however, CEO of Ethereum, Vitalik Buterin believes that Ethereum will eventually achieve 1 million transactions per second when Casper is completed.
South Africa’s Central Bank Pilots Tokenization with the Aid of Ethereum
South Africa’s Reserve Bank (SARB), yesterday held a pilot test using Proof of Concept (PoC) for interbank payment systems that tokenizes fiat currency using Quorum with 8 major banks in attendance. Quorum is an Ethereum based private blockchain.
South Africa’s Central Bank reported in a PR that all their testing goals were successfully achieved, and the dream of blockchainization of South Africa’s payments systems is on course. SARBS stated that it will not replace the conventional payment system of the country with blockchain, but will integrate it into its system.