It’s February now. We can say good riddance to her older brother January with our voices soaked in optimism. The sudden and sobering cryptocurrency price correction fueled a frenzy of talking. BITCOIN seeming to hog the spotlight, just as it did during the astronomical climbs of December 2017.
Ethereum and its Ether token, the second largest cryptocurrency by market cap seems to have somewhat resisted the sinking ship trends that hit other cryptos. According to Coindesk, Ether was trading at around R14,300 ($1,200 USD) on the 8th January. Bitcoin reached an all-time high of R235,000 ($19,666 USD) in December on BitStamp exchange, before plummeting to R133,000 ($11,119.00 USD) around the same time.
When we take into consideration, that Ether started its December rally at around R5984 ($500 USD), and reached its all-time high during the same month, we see that Ether has done a great deal in maintaining the short-term gains it has made. It’s difficult not to take notice of an entity like Ethereum and it’s Ether token, many investors believe that Ethereum is the cryptocurrency that most rightfully deserved the rapid growth in recent months.
Versatility, as proven to us by the Ethereum network’s token, is a very effective tool in this industry. At this point, I think most of us are aware of how the network operates.
By offering the network as a platform for a vast range of blockchain applications to operate from and not just a means of transferring value and executing smart contracts, Ethereum has become an anchor network for various other cryptocurrencies (ERC20 tokens). Despite the fact that one has to be familiar with a different coding language (solidity), as opposed to close rivals like ARK and NEO.
Barring a burst cryptocurrency bubble, the overall Ethereum network is poised for bigger jumps in value. Owing to the sheer number of applications being built on its ecosystem and predicted adoption of cryptocurrency in general.