Everybody’s been so preoccupied with Bitcoin and it’s mainstream debut that hardly anyone noticed the Ethereum Network’s native token Ether or ETH creep like a baseball player trying to steal base. Ether has been racking up all time highs, buoyed by a rally that began on Friday with a leap to from the late $300 range to an all-time-high of $450 (R6,101). The rally did hit resistance following the jump and sank back down to 425 but that seemed only to embolden it. Demand has been seeing a steady climb since then.
We saw ETH’s price climb above $480 ($6,500) on Saturday the 9th of December before settling to catch it’s breath around the $440 ($5,988) mark the following day. That level formed the springboard Ether would use to initiate a rally beyond the $500 (R6,804) level for the first time ever… EVER!
ETH is sitting at $534 (R7,267) at the time of writing with the days highest price move at $553 (R7,526).
All the dust has been kicking up is possibly one of the reasons the rally began in the first place. With the market uncertain about how CBOE’s Bitcoin Futures contracts would go, and the loudest people at the debate being Bitcoin’s army of detractors claiming it would likely be shorted to kingdom come. Investors probably started hedging profits made from Bitcoin’s midweek rally into ETH once BTC’s price nose dived on Friday.
Another reason, one that probably added steam to Ethers stampede across $500 as opposed to starting it, is news that Ethereum is teaming up with Waves and bean counting firm Deloitte to set up an independent ICO regulations committee. They’re going with The ICO Governance Foundation as the name of this new organisation.
The ICO Governance Foundation, as it will be called, will be set up in Switzerland and will employ an open door policy with all crypto exchanges, blockchain platforms, market leaders, ICOs, marketing companies and crypto businesses being invited to join in. Vladislav Martynov, Ethereum’s Advisory Board member, weighed in by saying “Joint and voluntary initiatives such as this self-regulatory body for token sales are a critical element in the professionalization of the blockchain industry..”
Expect ETH to have similar, if not higher breakouts in future. What, with the network’s Constantinople upgrade set for sometime in the foreseeable future and the Raiden network sidechain also fixing to go live.