Ethereum (ETH) Experiences a Sharp Upsurge in Price, Here’s why

The performance of the cryptomarket last week was pretty impressive. Many were also impressed by the performance of Bitcoin (BTC). Bitcoin (BTC)surged from a yearly low of about $3,150 to a weekly high of $4,220 in just acouple of days. However, the performance of Ethereum (ETH) in that same periodoutpaced that of Bitcoin (BTC).

Over the past 7 days, the value of Ethereum has surgedsignificantly. The digital currency surgedto $135 from $85 in that little time frame. Thisis an increase of more than 45 percent in the space of one week. The valuation of theentire crypto market also saw some increase,as it surged to $134 billion from $102 billion.

The recent increase in the valueof Ethereum (ETH) has steered some questions in the crypto space. Many are nowcurious to know the factors behind the sudden increasein the value of Ethereum (ETH).

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3. ConsenSys Is Healthy and Not Crashing

According to a report by “TheVerge,” ConsenSys – a leading Ethereum-based development studio – was planningto lay off about 50 to 60 percent of its1,200 employees in order to cut costs. Accordingto insiders, the head of ConsenSys and co-founder of Ethereum – Joseph Lubin –was looking to lay off workers that were not relevant to the future of thestartup.

ConsenSys plays a very important role in the expensive ecosystem of Ethereum. The firmhouses Kaleido, MetaMask, Alethio, and Truffle. The news about the firm layingoff some of its workers has sent someinvestors into a frenzy. If the firmcollapsed, most of the networks backing ETH would follow suit.

However, the head of ConsenSyshas come out to say that the preemptive and conjecture paranoia thrown at him and his company by the media isnot true. He said the firm is still healthy and it is engaging in a rebalancingof priorities. The clarification of Joseph Lubin likely played a vital role inrestoring the faith of Ethereum (ETH) investors in the popular network.

4. CFTC Seeks Opinion on Ethereum (ETH)

Over the past year, there hasbeen lots of hype surrounding Bitcoin (BTC) futures. CME and CBOE have launched contracts, and Bakkt justrevealed plans of launching its own too. However, a new rivalry is expected tomake a debut into the alternative investment vehicle scene of digital currency.

This new contender is Ethereum(ETH) – which was the second largest digital currency in the world by marketcap. The CFTC (Commodities Trading Futures Commission) just confirmed these speculationslast week. Last week, the CFTC asked for the opinion of the public on thematter of alternative digital currencies, namely Ethereum (ETH).

It appears that the CommoditiesFutures Trading Commission is seeking the comments and sentiment of the publicto go ahead with its ruling on an Ether-backed instrument, such as proposedEthereum (ETH) futures backed by CBOE. If such a product arrives in the cryptospace, it could greatly enhance the value of the digital currency and push ithigher.

Ethereum (ETH) Price Today – ETH / USD

Name :
                                          

ethereumEthereum(ETH)

Price:   

$141.40

24H (%):

+9.06%

At the time of writing, Ethereum(ETH) is changing hands at $151 after an increase of 16 percent over the pasttwenty-four hours. The current market cap of the digital currency is $15.11with a trading volume of $3.55 billion over the past twenty-four hours.

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