The flippening is nigh. So the market appears to think as ethereum experiences an astonishing rise this week that is likely to go down as an historical moment, certainly for this space, but perhaps even beyond.
China appears to have fuelled a quick rise today that sent the price to a high of $420, with ethereum’s market cap reaching $38 billion, just $8 billion away from bitcoin’s.
The flippening has been predicted by many, but no one thought it could be this very month with many being surprised by a bold prediction from Fred Wilson of Union Square Ventures who stated ethereum may bypass bitcoin’s market cap by the end of the year.
His prediction was backed by none other than a senior official at PBoC who suggested in a report ethereum may overtake bitcoin’s market cap because of its breakthrough smart contracts invention.
China, previously a non player, has now become a force. Ethereum trades higher there at significant volumes than anywhere else in the world, including South Korea which has been very bullish all spring.
They are awaiting the start of a Global Blockchain Conference, which may be China’s moment to shine as the world’s second largest economy, after a difficult start of the year as far as this space is concerned.
We may also find out which of China’s giants joins the ethereum alliance as the platform seemingly becomes the standard for household brands and governments alike in what appears to be a seismic shift.
A shift in attitudes and a shift in awareness as the Ethereum Spring has brought the platform to worldwide attention, grabbing everyone’s imagination.
It is a crucial, and very much an historical moment, for our space. A moment bitcoin had in 2014, but willingly botched it. Ethereum, and the wider space, now has its second chance.