Bitcoin, Ethereum, Steem and the Current State Of Crypto
The bull market continues despite occassional pull backs but corrections are to be expected, it's all part of natural crypto cycles. One token worthy of special attention right now we think has to be Ethereum. As you all know we have our ACOM ETH token and while it is not worth that much at the current time it is still very much part of the ACOM project and should ultimately be viewed as the ACOM Gold token, with ACOM BSC being seen as the silver standard. But on closer inspection Ethereum is an extraordinary blockchain for development, not just money transfers.
Ether is now worth a staggering $450bn, in the past year alone its price has risen 1500% which is an incredible accomplishment when you think about it. As you can see the current price of Ether is just under $4,000, a very impressive price. The Bitcoin blockchain was not really designed to have multiple layers of protocals built on top of it and so is too inflexible when it comes to developing programms, dapps and other defi products and services on it. This is where Ethereum fills a large gap left by Bitcoin. It was the original goal of its creator, Vitalik Buterin, to create a blockchain in which a currency could operate alongside bold creativity in a truly decentralised way. And he has done exacly that, which is why we have placed so much faith in Ethereum for ACOM.
In terms of growth Ethereum is outgrowng Bitcoin now and with that level of maturity it is becoming more mainstream. While Ethereum, even at this stage of the game, is still very much in its 'setting out' phase it is nonetheless viewed as the go-to when it comes to decentralised finance and smart contracts, and this unique edge over Bitcoin is what is driving the value in the Ethereum blockchain and the price of Ether.
Of course Ether, like all other cryptocurrencies, still tightly moves with Bitcoin but we are seeing a more independent moving Ether. We have also been witnessing this type of independece, albeit on a smaller scale, with another crypto token lately - our very own Steem token. Yes that's right we have seen Steem demonstrating a spirit of determination to ensure it stays around the dollar mark when it comes to price. Previously when it was hovering around the $0.85 mark you may recall we said it's showing obvious signs of returning to the dollar mark. Well only a few days later it did just that and then went further, on the 8th May hitting $1.42.
As you can see in the past week Steem has gained almost 25% in value. With this sense of determination Steem seems to be showing a more independent nature now, even when Bitcoin is on a downward trend. This is great news for Steem. If Steem can continue demonstrating this tenacity coupled with a more autonomous spirit then Steem will become a far more reliable token. It's still too soon to say but what we can say at this stage with certainty is that Steem has an enthusiasm we haven't seen before, it's showing far more vibrancy than ever before and seems to have a hunger for independence. If true then we can expect the price of Steem to do some very good things.
The ACOM Team
A C O M
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