Ethereum’s Market Cap Rises Above $10 Billion

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Ethereum’s market cap has risen by around $2 billion since yesterday, up from $8 billion to now above $10 billion with its price increasing by around $30 from $87 to now $115 at the time of writing, an all-time high.

Ethereum’s market cap rises to above $10 billion – source coinmarketcap.

One reason for the rise may be due to a bold prediction by Fred Wilson, a Silicon Valley Venture Capitalists who invested in the early stages of successful internet unicorns such as Twitter.

He told Bloomberg in a wide-ranging interview his bold prediction for 2017 is that ethereum will overtake bitcoin’s market cap by the end of the year. Suggesting he and Silicon Valley may have moved their focus from bitcoin to ethereum.

That’s combined with ethereum now handling around 50% of bitcoin’s transaction volumes, a fairly incredible growth for the barely two years old currency which suggests its use and network effects are increasing quickly.

On top, new projects are being launched raising money through ICOs growing the ecosystem which largely evolves around ethereum. A wild west area where failure is to be expected, including potentially the token sellers simply abandoning the project as is being rumored regarding Ether.Hack.

That’s just some of the recent news with a lot more expected today as the Ethereal summit begins in New York City with much of the ethereum’s conceptual space on display, ranging from discussions of its use in music to supply chains.

It’s not clear whether there will be any actual announcements, but if not, we should definitely expect some on Monday when the Blockchain Consensus summit begins where wider and somewhat higher level topics are discussed as well as projects shown off.

However, none of that might be more relevant than an interesting recent developments. Ethereum’s main public discussion space now has some 1,000 online active users, an instant jump from around 200.

The current online activity of Ethereum’s community – source reddit.

Ethereum’s trading space is buzzing with activity. More than 2,000 users online at any given point writing some 6,000 comments on the daily discussion thread yesterday which has been upvoted to more than 1,000 points.

Yesterday’s activity on ethereum’s daily discussion thread – source r/ethtrader.

That thread is a summer party among best friends. The atmosphere, money just can’t buy. They all happy, because they are all getting richer and they are all part of something, something which might be big.

And they all know it, so they dance, because the music is in full swing, the champagne is flowing, the good times are here, so might as well enjoy it.

 

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