Ethereum Rises to $290, Reaches a Market Cap of $27 Billion – Trustnodes

Ethereum Rises to $290, Reaches a Market Cap of $27 Billion

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Ethereum’s price has increased above $290 for the first time ever, rising $50 just this week, up $100 since the beginning of the month.

While its market cap has now risen above $27 billion, an all-time high, standing at 60% of bitcoin’s market cap.

Ethereum rises to a new all-time high, above $290 – image source cryptowatch.

The currency has experienced a string of good news recently, indicating an increased level of use and utility from both individuals and businesses.

For example, the Depository Trust & Clearing Corporation (DTCC) has joined the Enterprise Ethereum Alliance. According to Wikipedia DTCC:

“Settled the vast majority of securities transactions in the United States and close to $1.7 quadrillion in value worldwide, making it by far the highest financial value processor in the world.”

Quadrillion. Thats a word we might become more familiar with as they keep money printing, but finance is now just one application of eth.

Samsung, South Korea’s giant credited for some 20% of its GDP, has joined the alliance too. We’ve speculated it might be something to do with gaming, but apparently it’s “only” to develop “digital identification card and payment services… and to actually run the platform in Samsung Card’s digital payment services,” according to BusinessKorea.

Samsung Card is South Korea’s largest credit card company. It’s not clear whether they have any relation to Samsung Pay, which apparently uses “digitized tokens,” but they clearly seem to be big on blockchains as they’re launching one of their own called Nextledger.

Governments are seemingly adopting eth too. PBoC, for example, seems to be a lot friendlier to eth, perhaps because their Mint is looking to see how to tokenize the Yuan through eth’s blockchain.

Singapore has already tokenized their dollars through an eth private blockchain, while Putin is still figuring out what all this is and seemingly thought his best bet was to learn it from Buterin himself.

Sure, he probably didn’t understand a word, but Russia might be ahead of America this time. There, they’ve just begun doing “studies” on how blockchain tech could be incorporated.

Still, it’s an upgrade from the last paper we read by American regulators which we thought was high school level, seemingly written after an hour of Googling, but while their bureaucrats might be far behind, American businesses and entrepreneurs still lead.

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