Why is Ethereum Surging?
In the last 24 hours, ETH has surged more than 25%, after it's quiet showing in the last few weeks. ETH was constantly being tested for the low prices of $82 to $85 and suddenly in one day, surged from $89 to $114. I know many of you are either now popping champagnes from your gains or crying under a pillow because you missed out on this bull run. But let's take a step back and ask the golden question: What is causing this huge surge?
There are actually many things currently happening for ETH and the upcoming events are causing a lot of speculation. All it takes is a sudden incremental increase in sentiment and this surge all makes sense. Here are a list of either upcoming or past events affecting Ethereum:
Events:
1) Ethereum India Summit Mumbai
The most recent event that just ended was the Ethereum India Summit Mumbai on May 18th.
This event featured Vitalik Buterin, the founder of Ethereum, introducing Ethereum for Enterprises as well as a general introduction to the Blockchain.
2) Coindesk Blockchain Technology Summit
This is the third annual Coindesk Summit and the guest list is quite jaw dropping. This might be on of the main reasons there is such a huge momentum for Ethereum's surge right now.
Many anticipated topics will be featured at this summit, such as whether or not Bitcoin can scale which has been a controversial topic for many years. Another interesting topic that will be discussed is Ethereum Enterprise Alliance. The EEA is a collection of companies that will develop blockchain technology and use the Ethereum blockchain for their business.
3) Ethereal Summit 2017
The Ethereal Summit is happening today, May 19th. It features many influential speakers in the blockchain industry to talk about the future of blockchain and what it has in store for us. The concluding speaker of this event will be Joseph Lubin, one of the co-founders of Ethereum to talk about "Ethereum, Taking Back Control Of the Internet." I'm sure many people will be interested in this topic given Ethereum's surge.
4) Metropolis
Aside from Casper (Proof of Stake) Implementation for Ethereum, the biggest fork that will be happening this year will be Metropolis. It is set to happen anywhere in the next 1-2 months. The Metropolis fork is essentially the implementation of about 10 EIP's (Ethereum Improvement Proposals). These improvements will bring forth upgrades in terms of scalability, privacy and security. One exciting update is Ethereum's implemention of zk-SNARKS, Zcash's zero-knowledge proof system. If you haven't already, I encourage all of you to read up on what it is and what impacts it can make to the Ethereum blockchain. You can also see the progress and details of all EIP's at the Ethereum's github (see below link).
Github EIP: https://github.com/ethereum/cpp-ethereum/milestone/10
5) Raiden
Another update that we are all looking forward to is Raiden, the lightning network of Ethereum. If you aren't familiar, the lightning network was first proposed by Bitcoin to solve it's scalability issues. Recently, it has been successfully tested by Litecoin right after it's Segregation Witness update. Raiden should be coming sometime very soon this year, the progress of it can also be seen at their github. Currently, Raiden is 83% complete.
Raiden Progress: https://github.com/raiden-network/raiden/milestones
To sum things up, Ethereum has many great things happening in the upcoming months and it is not a surprise that the price is surging this much. If you are still crying under your pillow because you think you missed out, it is still not too late to invest. I am personally an Ethereum believer and it probably has one of the best core teams in the blockchain industry. So gear up, this year will be a huge year for Ethereum!
It's surging because of the conferences being held this weekend. Optimism is bringing the price up.
BUY Crypto, SELL the US toilet paper dollar!
The dollar will begin its 18 year cycle with a 9 year downturn period to the eurocurrencies as it always has done. This will probably be very bullish for precious metals as well.
Check out this post for more on the cycles of weakening US dollar and the current state of the dollar.
https://steemit.com/dollar/@sjovmaiin/the-coming-fall-of-the-us-dollar
Ethereum is coming on strong !
When will they go proof of stake?
Proof of stake (Casper), is set for later this year. All updates are currently just preparation for POS essentially. The set date is still unknown, really depends on the progress of the team's development.
PoS is a mistake! But is the last step to give all the control to a few.
Is ETH going to switch to it's own ECR20 token? Looking forward to Ethereum switching to Proof of Stake as well, I'd like to participate in staking.
No, ERC20 tokens are used by development apps run on the Ethereum blockchain which then uses Ethereum as the gas to run their computations and smart contracts.
With respect - nice summary but I think you missed the core. Markets are mostly driven by psychological effects. Progressing an athlete means to work in different fields: techniqual education, improving fitness & coordination skills, mental strength, competition mode and relaxation efforts. He won't grow in every single one at the same time in the same speed, but his thrive in the progress of one, two, three of those will help to strenghten his resources in general. Progress happens over time! Now, and by the way @cryptoenthusiast you are much smarter than I am... - What does this mean for Ethereum? ETH works out the same way: they are growing in varying areas: 1) the EEA is getting bigger and gaining more influence every day. 2) The ETF decision is expected and even if it won't get the SEC's blessing - the possibility still remains . 3) Almost every ICO is meanwhile paid in ETH which pushes the price of the ETH-token higher. 4) New Apps are released almost every week/day. 5) A growing developer team is coding and adapting worldwide. 6) The awareness in the mainstream is slow but steady rising. 7) "Big Money" is moving... - just watch the volatility in the equities- and metals markets... - money will be shifted. To be continued! Stay passionate!
Yes I do agree that it is psychological driven. But there has to be movements to initiate these psychological effects, and these movements happen due to "Big Money" coming in. These big money are usually coming from the "whales" and are either driven to pump and dump or they really just believe in what they are investing in. I believe what triggers these growing belief in ETH is essentially the publicity and all the conventions that are happening. Once one bank knows, many will follow. That is the point I wanted to emphasize, everything is sort of connected. I sincerely hope the ETF does not go through, the public market is not ready for cryptocurrency, they don't have any level of understanding and in a long-term scenario, I am not sure if it would be good for the crypto industry in general.
BRAVO! Well said. In the ETF decision I agree 100% because I don't like the riggers' fingers in the crypto markets. In my view - time's changing rapidly now, the old system will no longer sustain and therefore I believe that the money is flowing into cryptos; it is not only the money of the whales, it's money that comes from very different places and need to go to somewhere. If you don't know Martin Armstrong - https://www.armstrongeconomics.com/ - read his blogs (most of them are free); he is a brilliant minded economist! Appreciate and thnx for your response...
Thanks for the recommendation! Will check him out.
btw when is ethereum switching to pos...
Casper date is still a bit in the open, it should be set for implementation sometime at the end of Q3 or towards the end of this year.
I'm keeping an eye on ETC, I think that is where the action will be next. It will rise again, until them I'm holding on to the little ETH that I have in my possession.
@wthomas - ETH is always the first mover, afterwards ETC follows in ETH's footsteps; you will make some nice gains with ETC I predict! Bon chance!
Merci! :-)
It might rise due to chinese investors being stubborn and wanting to make profit from it but essentially they will never be able to surpass eth, not even close. That is my opinion at least.
Very good info. We can expect much more activities in the coming months. Upvoted...!! :)
Thanks, appreciated!
Wow, nice info! Everyone intrested in Eth should read this. Thanks =) Ethereum to the moon!
Wonder how high it will go? What's your thoughts?
Personally, I think if Proof-of-Stake goes as planned, it could really surpass Bitcoin in market cap or get close. I am an Ethereum believer and feel like the core team is extremely strong. Again, please invest only what you are afford to lose! Anything can happen in crypto.