The performance of the crypto market last week was pretty impressive. Many were also impressed by the performance of Bitcoin (BTC). Bitcoin (BTC) surged from a yearly low of about $3,150 to a weekly high of $4,220 in just a couple of days. However, the performance of Ethereum (ETH) in that same period outpaced that of Bitcoin (BTC).
Over the past 7 days, the value of Ethereum has surged significantly. The digital currency surged to $135 from $85 in that little time frame. This is an increase of more than 45 percent in the space of one week. The valuation of the entire crypto market also saw some increase, as it surged to $134 billion from $102 billion.
The recent increase in the value of Ethereum (ETH) has steered some questions in the crypto space. Many are now curious to know the factors behind the sudden increase in the value of Ethereum (ETH).
ConsenSys Is Healthy and Not Crashing
According to a report by “The Verge,” ConsenSys – a leading Ethereum-based development studio – was planning to lay off about 50 to 60 percent of its 1,200 employees in order to cut costs. According to insiders, the head of ConsenSys and co-founder of Ethereum – Joseph Lubin – was looking to lay off workers that were not relevant to the future of the startup.
ConsenSys plays a very important role in the expensive ecosystem of Ethereum. The firm houses Kaleido, MetaMask, Alethio, and Truffle. The news about the firm laying off some of its workers has sent some investors into a frenzy. If the firm collapsed, most of the networks backing ETH would follow suit.
However, the head of ConsenSys has come out to say that the preemptive and conjecture paranoia thrown at him and his company by the media is not true. He said the firm is still healthy and it is engaging in a rebalancing of priorities. The clarification of Joseph Lubin likely played a vital role in restoring the faith of Ethereum (ETH) investors in the popular network.
CFTC Seeks Opinion on Ethereum (ETH)
Over the past year, there has been lots of hype surrounding Bitcoin (BTC) futures. CME and CBOE have launched contracts, and Bakkt just revealed plans of launching its own too. However, a new rivalry is expected to make a debut into the alternative investment vehicle scene of digital currency.
This new contender is Ethereum (ETH) – which was the second largest digital currency in the world by market cap. The CFTC (Commodities Trading Futures Commission) just confirmed these speculations last week. Last week, the CFTC asked for the opinion of the public on the matter of alternative digital currencies, namely Ethereum (ETH).
It appears that the Commodities Futures Trading Commission is seeking the comments and sentiment of the public to go ahead with its ruling on an Ether-backed instrument, such as proposed Ethereum (ETH) futures backed by CBOE. If such a product arrives in the crypto space, it could greatly enhance the value of the digital currency and push it higher.
Ethereum (ETH) Price Today – ETH / USD
At the time of writing, Ethereum (ETH) is changing hands at $151 after an increase of 16 percent over the past twenty-four hours. The current market cap of the digital currency is $15.11 with a trading volume of $3.55 billion over the past twenty-four hours.