Bitcoin, Ethereum, Steem and the Current State Of Crypto

in #steemitlast month (edited)

Bitcoin has been making some impressive gains in the past week and we were delighted to see it on the rise again, narrowly missing the $60k mark on the 8th May when it reached $59,559.84 - so damn close! As usual all the Alts followed in Bitcoin's direction and we are seeing prices for the main Alts we haven't seen since 2018, especially with Ethereum and Litecoin, it's fantastic to see the Alts doing so well again. Although Ethereum seems to be moving more independently lately and even outperforming Bitcoin.

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(Source: Coinbase)

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.

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(Source: Coinbase)

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.

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(Source: Bloomberg)

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.

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(Source: Coinbase)

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

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Hello dear friends @acom good evening

I am not really surprised by the growth that ethereum is having, it has much more advantages than bitcoin as well mentioned, what surprises me is because it has taken so long to detach from the leader of cryptocurrencies.

Steem has a lot of potential, and to be honest, I think he should be trading closer to $ 5. Dollars

I very much appreciate this excellent information, it motivates us to make a reflection.

I take this opportunity to wish you a happy start to the week

My personal opinion…. We have Institutional buyers that are buying the dips. We will always have pullbacks/Crashes it’s a nature of crypto, but I believe this time we are in for a long bull run excellent post!

Greetings @acom friends.

It's interesting with Ethereum has slowly shown its power in the market, sooner rather than later it will be reaching $5000, I hope Steem will start engines and manage to pass the $2 threshold soon.

Better times will come.

#affable

i am glad that market is so up, somedays ago it was more growth, ethereum cross 4000 and for the future we should make steem more and more, it will grow and have to. Thanks for the information by the way. Steem on.

noticia muy halagadora amigo, espero ese vuelo que emprendera steem, saludos desde venezuela y un maravilloso dia para usted.