Ether price has fallen about 50% from its all-time high of $ 4,000 as it took investors on a roller coaster ride. Nonetheless, ether has also risen by more than 11% in the past seven days alone.
This volatility is sure to continue as the blockchain space becomes more competitive, especially in the smart contracts space. However, Ethereum is still leading the way in this area and based on some recent developments, its use cases appear to be on the rise.
Much of the attention in the cryptocurrency space often goes to Bitcoin as it is the maiden coin and blockchain. However, Ethereum is just a short runner-up and is starting to follow in its larger competitor’s footsteps. Let’s take a look.
The ink is barely dry on ARK Investments’ application for a Bitcoin ETF, and an Ethereum exchange-traded fund couldn’t be too far behind. According to a recently published “The Scoop” podcast, SkyBridge Capital by Anthony Scaramucci is planning to apply for an Ethereum ETF with the US Securities and Exchange Commission.
Scaramucci said, “It is everyone’s guess when these things will go.” SkyBridge also launched a separate private Ethereum fund on July 1st. An Ethereum ETF would further strengthen the use case of the second largest cryptocurrency, which bodes well for the Ether price.
US regulators have been slow to approve a Bitcoin ETF, much to the dismay of the industry. Developers have continued to innovate despite relentless fluctuations and a lack of regulatory support.
The Ethereum community is already pretty bullish on Ether price and doesn’t need another reason to stay. They are demanding that the price of Ether can “tip over” Bitcoins or surpass them in the market capitalization tables. The jury is not sure whether this will actually be the case. Mati Greenspan, founder of Quantum Economics, is conducting a Twitter poll on the subject.
So far, almost half of the more than 500 votes don’t expect Ethereum to catch up with Bitcoin. However, almost a third of the participants are willing to bet that this could happen in the years to come. The survey will run for a few more days.
The story goes on
According to Ethereum co-founder Joseph Lubin in an interview with CNBC, persistent downturns in the crypto market are finally over. From now on, he said, crypto winters will only last a few weeks to a few months before the recovery takes off.
This article was originally published on FX Empire