The Potential for Growth with Ethereum and Other ALT Coins

Posted on by Steven Dobson

 

 

The article below was written by Omkar Godbole, a market reporter for CoinDesk who produces technical chart-based price updates on Bitcoin and other alternative currencies. It was published on coindesk.com on April 2, 2021.

 

All cryptocurrencies besides BITCOIN can be referred to as ALT COINs. Ethereum happens to be one with a great USE CASE and is why it is probably the second most valued coin behind Bitcoin on CoinMarketCap.com.

 

The value of Ethereum has grown over the years and if you had invested just $100 in Ethereum on October 16, 2015, when it was valued at approximately $0.53 cents, your investment would be worth over $378,000 today.

 

Ethereum is scheduled for another growth period, so, if you are still sitting on the fence about cryptocurrencies, you need to start your due diligence today!

 

Cryptocurrencies are the modern-day “GOLD RUSH,” and like the California Gold Rush in the 1850s, people who got in early are going to become wealthy.

 

Like all cryptocurrencies, Ethereum can be broken down into many parts, so do not worry about trying to buy one coin at a time if you cannot afford the $2,000+ per coin price.

 

Ethereum can be broken down to its smallest part which is called a “GWEI” or gigawei or 1 ether = 1,000,000,000 gwei (109). 1 gwei = 0.000000001 ether.

 

It can be confusing if you do not understand the language associated with cryptocurrencies. Just think of a gwei like you would think of a penny when dealing with dollars.

 

In addition to being a way to transfer money from one person to another quicker and cheaper than traditional money transfer systems, Ethereum also gives us Smart Contracts.

 

To give you an idea of its use, JP Morgan Chase built its Cryptocurrency Exchange on the Ethereum Blockchain.

 

When JP Morgan Chase’s CEO Jamie Dimon was asked about his change of mind about cryptocurrencies, he said his mind had not changed, but he does believe in the technology behind cryptocurrencies and that is the BLOCKCHAIN!

 

Ethereum and ALTCOINS Accumulation Strategies

 

  1. You can buy Ethereum and hold on to it in a private Cold Storage wallet
  2. You can buy Ethereum and Stake it where you are paid a percentage daily, weekly, or monthly.
  3. You can buy Ethereum and trade it. If you know nothing about Cryptocurrency Trading, you can find more information about it by clicking on the Cryptocurrency Trading link in the main menu above.

Those are just a few of the things that you can do with Ethereum.

 

As always, conduct your own due diligence so that you make an educated decision instead of one based on emotions.

 

Read the article below, leave a comment, share on your social media pages, and subscribe to my blog so that you can be notified when new content is posted.

 

DISCLAIMER: I am not a financial advisor, planner, or CPA, and I am not giving anyone investing advice, I am just sharing information I know and use in my own decision-making about cryptocurrencies. If you need financial advice, please seek the advice and guidance of a licensed financial advisor, planner, or CPA with knowledge of cryptocurrencies.

The article below can be found at the following website URL:

https://www.coindesk.com/ether-price-rises-above-2k-for-first-in-six-weeks

 

Ether Price Jumps to All-Time High of $2,074

Ether is rallying in the wake of Visa’s decision to facilitate crypto-based settlements via the Ethereum blockchain.

Omkar Godbole

 

Apr 2, 2021 at 4:52 a.m. EDTUpdated Apr 2, 2021 at 11:37 a.m. EDT

Ether Price Jumps to All-Time High of $2,074

Ether (ETH, +6.45%) jumped 5% Friday to a new all-time high as the second-biggest cryptocurrency extended its winning streak to five days.

  • The cryptocurrency traded as high as $2,074.46 around 15:00 UTC, according to CoinDesk 20 data, surpassing the previous high of.
  • The price has rallied 18% this week in the wake of Visa’s decision to facilitate crypto-based settlements on the Ethereum blockchain network.
  • Ether, the native cryptocurrency for Ethereum, has nearly tripled in price this year.
  • In an announcement on Monday, the payments giant said it is working on a program to settle transactions in stablecoin USD Coin (USDC (+0.03%)) over Ethereum with its partner Crypto.com.

Ether’s daily chart

Source: TradingView

  • Ether’s daily chart shows a symmetrical triangle breakout. The pattern indicates that the multi-week consolidation has ended, and the broader uptrend has resumed.
  • The options market is making big bets on the second-largest cryptocurrency, as seen below.

Ether options data

Source: Genesis Volatility, Twitter

  • According to data tweeted by options analytics platform Genesis Volatility, traders are aggressively buying the $25,000 call option expiring on Dec. 31, 2021, listed on Deribit, the world’s largest crypto options exchange by trading volumes and open interest.
  • Seasonality favors a more substantial rally in ether than bitcoin (BTC, +0.79%) over the near term.
  • “Ether has outperformed bitcoin in every May till date,” Timothy Peterson, an analyst at Cane Island Alternative Advisors, told CoinDesk in a Twitter chat.

Ether’s performance relative to bitcoin

Source: Cane Island

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