Ethereum has had three bullish fundamentals in the past week
Despite the over 100 -percent recovery from 88 dollar -Low during the March surrender Ethereum is still more than 85 percent below the all-time high that it ends 2017 has reached. However, Ethereum could soon see a bullish continuation if three fundamental trends are implemented that could dramatically boost the demand for ETH and thus drive up prices.
Ryan Sean Adams, founder of Mythos Capital, identified these trends, all of which happened within a week, in the tweet below.
ETH gets futures
Reddit building on Ethereum
Visa putting dollars on Ethereum
That all happened this week
– Ryan Sean Adams – rsa.eth 🏴 (@RyanSAdams) May 16, 2020
Ethereum sees three massive news events that boost his bull case
ETH receives the first regulated futures market in the USA : Ethereum received its first last week US-CFTC-regulated futures market when ErisX – a stock exchange supported by prominent players like TD Ameritrade – launched its contracts last week. A leading cryptanalyst expects the introduction of ETH futures to lead to higher prices.
Reddit unveils the Ethereum-based token project : The leading online forum Reddit – one of the most visited sites on the Internet – introduced a new feature called “Community Points” last week. These are points based on an Ethereum testnet that gives millions of users access to special functions. Ultimately, the tokens will be migrated to the main Ethereum network.
Visa may be building a digital dollar system on Ethereum : Visa has on 14. May filed a patent outlining a process that would make fiat currency – be it dollars, yen, yuan, etc. – a blockchain asset. While the system appears somewhat theoretical, the patent mentioned using the Ethereum network. The multinational payment company that would install a payment rail in Ethereum could dramatically increase the demand for ETH and pump millions into the crypto space.
Crucial for the network effects of Ethereum
Even though these developments may not have an immediate impact on the demand for ETH, they are crucial for the network effect. Mike Novogratz – founder of Galaxy Digital and former partner of Goldman Sachs – said the following about the network effect of blockchain to Ethereum co-founder Joseph Lubin and Angie Lau of Forkast.news:
One of the things for the Ethereum story is to rate the network as we do on Facebook – the more network effects you get, [desto besser]…
Text proof: cryptoslate
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