Ethereum price: Why is ethereum rising? How high will ETH price go?

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Digital currency prices have soared recently, with reports from the past few months showing enormous valuation increases for currencies across the board. With supply and demand for digital currencies extremely high in both Japan and China, it is no surprise as to why these two countries are helping to fuel the rise in cryptocurrency prices.

However, the beginning of saw a governmental crackdown of Chinese-based digital currency exchanges, causing a suspension in all withdrawals, causing the market to suffer heavily with China being one of the top bitcoin markets in terms of trading volume.

Recently, Caixin reported potential changes in the governmental regulatory framework to allow withdrawals last month, specifically mentioning top exchanges OKcoinHuobiand BTCC.

This potential good news has increased consumer confidence in cryptocurrencies, contributing to their associated rise in value. With cryptocurrency liquidity in China experienced stagnation earlier this year, the Japanese bitcoin market exploded, with demand reaching new heights. This increase in JPY bitcoin trading due to the Chinese inability to liquidate has fueled growth in the digital currency market globally.

In China, the tightly-controlled yuan is another reason why cryptocurrency prices have experienced their unprecedented rise in value. With the growing amount of private independent wealth in China, cryptocurrency has become viable as an alternative asset class. And cryptocurrencies are being seen as more accessible, less volatile, and increasingly stable, contributing to their recent growth in value.

With no end in sight for this form of Japanese monetary policy, digital currencies have and are currently being used as an alternative asset class, driving their rise in value. Virtual currencies are quickly being seen as a better asset class by local investors, who fear the volatility of government interference in their specific economies. The rise in digital currency values can also be attributed to institutional acceptance of cryptocurrencies.

The recent conclusion of the Global Blockchain Financial Summit in Hangzhou saw intense interest from reputable institutions like Peking University, which is what is ethereum and how come its shares have sky rocketedpage 7finance an Ethereum center to work on direct application use and protocol improvements in China. In Japan, multiple large institutions are now beginning to accept digital currency as a transactional entity, validating its use to the Japanese population as a whole.

Additionally, Recruit Lifestyle, part of HR conglomerate Recruit Holdings, reported a new partnership with exchange Coincheck to use as part of a point-of-sale implementation program. The acceptance of digital currencies by these reputable groups have helped fuel confidence in digital currencies for daily transactions by the What is ethereum and how come its shares have sky rocketedpage 7finance. However, the very fact that the PBoC is seeking to regulate this industry simply proves how viable it is as a legitimate transaction entity, with the Chinese government even taking steps to build their own digital currency.

The Japanese government has also taken huge steps in the acceptance of digital currencies as legal forms of tender, with Japan legally classifying bitcoin as a form of payment just on April 1 st. The acceptance of virtual currencies by both the Chinese and Japanese governments are driving cryptocurrency growth, with China on the cusp of establishing its own currency, what is ethereum and how come its shares have sky rocketedpage 7finance Japan regulating bitcoin as true legal payment.

Hugh Harsono is a former financial analyst currently serving as a U.

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Cryptocurrencies are booming beyond belief. Too many altcoins to name have skyrocketed in value along with the Big Two. ICOs are raking in money hand over fist over bicep.

What the hell is going on? A certain seductive narrative has taken hold, is what is going on. This narrative, in its most extreme version, says that cryptocurrencies today are like the internet in I understand the appeal of this narrative.

Because if nobody wants to actually use blockchain protocols and projects, those tokens that are supposed to reflect their value are ultimately … well … worthless. Bitcoin, despite its ongoing internal strife, is very useful as permissionless global money, and has a legitimate shot at becoming a global reserve and settlement currency.

Its anonymized descendants such as ZCash have added value to the initial Bitcoin proposition. Similarly, Litecoin is now technically ahead of Bitcoin , thanks to the aforementioned ongoing strife. Ethereum is very successful as a platform for developers. But still, eight years after Bitcoin launched, Satoshi Nakamoto remains the only creator to have built a blockchain that an appreciable number of ordinary people actually want to use.

No other blockchain-based software initiative seems to be at any real risk of hockey-sticking into general recognition, much less general usage. But on the other hand, maybe the ratio of speculation to actual value in the blockchain space has never been higher, which is saying a lot. Some people argue that the technology is so amazing, so revolutionary, that if enough money is invested, the killer apps and protocols will come.

That could hardly be more backwards. But projects with hardly any users, and barely any tech, raising tens of millions? That smacks of a bubble made of snake oil… one all too likely to attract the heavy and unforgiving hand of the SEC. That seductive narrative though! The internet in ! But hear me out. Maybe the belief that blockchains today are like the internet in is completely wrong.

I propose a counter-narrative. Similarly, open-source Linux was vastly more democratic, and more technically compelling, than the Microsoft and Apple OSes that ruled computing at the time. But nobody used it except a tiny coterie of hackers.

This is amazing, groundbreaking work… but why would an ordinary person, one already comfortable with Box or Dropbox, switch over to Storj or Blockstack? The similarities to Linux are striking. Linux was both much cheaper and vastly more powerful than the alternatives available at the time. It seemed incredibly, unbelievably disruptive. Windows was a rattling lemon of a station wagon; MacOS was a hermetically sealed Volkswagen Beetle; and then, weirdly … beyond weirdly … there was:.

Linux, which is right next door, and which is not a business at all. The people who live there are making tanks. These are not old-fashioned, cast-iron Soviet tanks; these are more like the M1 tanks of the U.

Army, made of space-age materials and jammed with sophisticated technology from one end to the other. But they are better than Army tanks. These tanks are being cranked out, on the spot, at a terrific pace, and a vast number of them are lined up along the edge of the road with keys in the ignition.

Anyone who wants can simply climb into one and drive it away for free. Customers come to this crossroads in throngs, day and night. Ninety percent of them go straight to the biggest dealership and buy station wagons … They do not even look at the other dealerships.

This is not a dismissive analogy, or one that in any way understates the potential eventual importance of the technology! There are two billion active Android devices out there, and every single one runs the Linux kernel. Linux was immensely important and influential. Most of modern computing is arguably Linux-to-Linux. To quote my friend Shannon: But if your investment thesis had been that ordinary people would adopt Linux en masse over the next decade — which would not have seemed at all crazy — then you would have been in for a giant world of hurt.

Linux did not become important because ordinary people used it. Instead it became commodity infrastructure that powered the next wave of the internet. Does Ethereum gas cost too much? No problem; just switch your distributed system over to another, cheaper, blockchain.

Instead, wake me up when cryptocurrency prices begin to track the demonstrated underlying value of the apps and protocols built on their blockchains. Disclosure, since it seems requisite: I mostly avoid any financial interest, implicit or explicit, long or short, in any cryptocurrency, so that I can write about them sans bias. I do own precisely one bitcoin, though, which I purchased a couple of years ago because I felt silly not owning any while I was advising a since defunct Bitcoin-based company.

Windows was a rattling lemon of a station wagon; MacOS was a hermetically sealed Volkswagen Beetle; and then, weirdly … beyond weirdly … there was: