The billionaire Mike Novagratz, the hedge fund investor and ex-executive at Fortress believes that Ethereum the native cryptocurrency is poised to obtain new all-time highs in the short-term. Ethereum is prepared for a move to new highs, highlighting innovative developments made by leading companies including Consensys.
South Korea Takes Over as Largest Ethereum Market
Following the imposition by the South Korean Government of a state bailout on initial domestic currencies (ICO) in October, the price of ETH and demand for it has declined in South Korea for a short period of time.
“Since then, South Korea’s Ethereum stock market has recovered, accounting for over 33% of the global market share of the Ethereum Stock Exchange, surpassing the US to solidify as the market leader in the Ethereum market.”
In 24 hours, the price of Ethereum increased by almost 8%, from $ 325 to $ 358.
Contrary to the predictions of some highly respected analysts in the cryptocurrency sector, the successful execution of the Byzantium-type fork did not lead to a rise in prices, and the price of Ether struggled to exceed the mark of 300 USD.
But the market has begun to show optimism about stability in the Ethereum network after Byzantine fork, and significant advances being made on chain scaling solutions such as Plasma, sharding and Casper. Vitalik Buterin, co-founder of Ethereum, has shown that several investors have asked Buterin to ask the Ethereum Foundation to work on ICO and Casper.
As the CCN reported earlier, Buterin has ruled against ICO open source scaling projects, especially those that do not need crypto-token specific functions. It is optimistic the fact that investors and the market are excited about Ether scaling solutions and projects, as shown by the recent price trend of the Ethereum.
Will institutional investors enter into Bitcoin Market Benefit Ethereum?
Brian Armstrong CEO of Coinbase, has revealed that early this week 10 Billion dollars from institutional investors are waiting to be invested in cryptocurrency space after the release of Coinbase Custody, a cryptocurrency custody platform for institutional and retail investors.
Most institutional investors intend to invest in binoculars by the end of 2017 when the CME futures market is launched. Man Group, for example, the 95 billion-dollar hedge fund, has announced plans to invest in Bitcoin.
With the passing of tens of billions of dollars in the passage of institutional money from the traditional finance sector to the largest bank in the coming weeks, Ethereum, as the second market encryption, will benefit from the growing interest of institutional investors in the cryptographic market.