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Ethereum Price Watch: Currency Witnesses Steady Gains Over the Past 5 Days

At press time, Bitcoin’s closest competitor and the world’s second largest crypto asset by market capitalization, Ethereum, is trading at a respectable price point of $216.12. Additionally, as can be observed from the chart below, the premier currency has been able to scale up to around the $225 mark (twice) within the span of the past 5 days. This latest surge comes in wake of a sudden downturn that had engulfed Ether earlier this month and had sent the price of the asset below the sub-$200 range.

Ian Mcleod: “Ether is on the Verge of a Massive Breakout”

While the crypto sector at large seems to be mired by immense bullish action in recent months, there are analysts such as Ian Mcleod who feel that Ethereum is on the precipice of experiencing a ‘monumental’ shift in its value in the coming few weeks.

Elaborating on his stance, Mcleod was not one to mince words when he said:

“We can expect Ethereum to hit $500 by the end of 2018. Oracles, which help smart contracts gather information from the outside or “real” world, will help drive these price gains by bolstering Ethereum’s adoption”,

However, coming back to a more realistic POV, in order for Ethereum to rise up to Mcleods’ predictions, the altcoin will have to experience an exponential gain of around 100% within the coming month or so— an event that does not look highly likely.

Lastly, it is worth noting that Mcleods’ sentiments are being shared by other tech experts such as Mati Greenspan and Joshua Frank as well. In relation to the matter, Greenspan was quoted as saying:

“The entire crypto market has been showing slow but steady gains lately. I could easily see this developing into a full on rally into the year end.”

Ex-Google Chairman Sees Massive Potential in “Ethereum”

In another major endorsement for Ethereum, Eric Schmidt, the Former Chairman of Google, stated in a press conference earlier this week that the premier digital currency was ‘underrated’ and that it possessed ‘massive potential’ within today’s burgeoning digital financial sector.

Schmidt then went on to add that:

“In the public format, overrated. In its technical use, underrated… Today, Blockchain is a great platform for bitcoin and other currencies. And it’s a great platform for private banking transactions where people don’t trust each other I think the most interesting stuff that’s going on is the beginning of execution on top of blockchain — the most obvious example being the capability of Ethereum. I ethereum can manage to figure out a way to do global synchronization of that activity, that’s a pretty powerful platform. That’s a really new invention.”

Final Take

At press time, ETH’s total market cap has risen and settled around a decent price point of USD $22 Bln. However, what the future has in store for the alt-asset market at large is anyone’s best guess.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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