Ethereum’s market cap has now reached 50% of bitcoin’s current market cap as the barely two years old digital currency continues to attract everyone’s attention following a booming spring the likes of which this space has never seen before.
The currency is now worth more than bitcoin was last month in market cap, an amazing feat considering that no one even knows about this nascent platform which has suddenly taken the world by storm. But, it shouldn’t be a surprise.
The ethereum spring started this March when America’s Securities and Exchange Commission decided to reject the bitcoin ETF at the very last minute, sending bitcoin’s price down temporarily.
That left the first digital currency with nothing to talk about except for the never ending very boring scalability debate, so focus moved to the new cool kid, ethereum, and suddenly everyone found out there were so many things to talk about.
Project after project kept launching, then, the household brands came. JP Morgan, Microsoft, Samsung, Toyota, BP, DTCC, you name it. They said they have formed an alliance to improve ethereum to an enterprise standard so that it can handle enterprise level production.
That was the start of what may be the story of our generation. Ethereum’s transaction levels doubled and tripled. Fred Wilson, a Silicon Valley VC, said eth will overtake bitcoin’s market cap. An energy giant started employing ethereum’s public blockchain in every day uses such as charging your car.
Then came the freedom loving artists. Music, games, movies, entertainment. The blockchain promises to return power to the indies, to the creative, to the best, with no gatekeepers or intermediaries taking a cut all the way and leaving our artists desolate.
If that was not enough, some began to wonder how blockchain technology can flatten the walls corporations like Google and Facebook have built up, returning to us once more that dream of the 90s.
It is a dream bitcoin promised, but that coin was forged in fire. Ethereum now takes the banner, and this time, everyone wants a bit of it. Regulators and law makers, banksters and Venture Capitalists, artists and trouble makers, maybe even a granny somewhere.
They all now see what for so many years bitcoiners hid and they all want it because it is just better, it just makes sense, it’s just obvious, self-evident, and it’s just cool.