Look For Ethereum To Move Higher
Two days ago, Jack Dorsey and President Trump got into it when Twitter flagged a pair of President Trump’s tweets with a fact-checking label. Yesterday, President Trump on Thursday signed an executive order that could open the door for the U.S. government to assume oversight of political speech on the Internet.
Russian born Vitaly Dmitriyevich "Vitalik" Buterin co-founder of Ethereum and as a co-founder of Bitcoin Magazine, who is one of the faces of Blockchain technology chimed in and stated, in the long run I'm pessimistic about the ability of centralized social media platforms to stay highly independent of the political environment of the country they're centered in. This only further shows why we need an alternative.
I’m sure Vitalik would agree that there is no need for an alternative when it comes to Ethereum as Ethereum's mission is to replace internet third parties that store data, track financial instruments via smart contracts and eliminate the server / cloud model.
Top Ethereum addresses have been growing their holdings in recent months. According to Santiment, the whale addresses of ETH have hit a 10-month high and have added around 145,000 more ETH to their holdings in the past two days.
Then the is the options market exchange, Deribit.
Interest in Ethereum options among traders has never been greater.
According to data provided through Skew analytics earlier today, option contracts for Ethereum on leading options exchange Deribit have reached a new all-time high of more than $108 million of open interest.
That means more investors are hedging their bets when it comes to the price of Ethereum over the next few months, while those issuing the contract are out to make a quick buck based on their confidence in how ETH prices will behave.
It all adds up to levels of activity not seen since this time last year, when ETH was valued at more than three times the price today. It’s a sign that something’s up—and with the Ethereum 2.0 release scheduled for release in just a few months, the sky high options interest is potentially another bullish signal for Ethereum.
Then there is the transaction fees in the form of Ether or gas. Eight months ago, Ethereum hit $183,000 in daily transaction fees. But today that number stands at $700,000.
Regarding Ethereum's price chart, the chart suggests price will move higher to at least the $280 level.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advice. Do your own research before making investment decisions.
Posted Using LeoFinance
