Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Ethereum: World's 2nd Largest Cryptocurrency Surpasses $50

Published 03/17/2017, 06:11 AM
Updated 07/09/2023, 06:31 AM

Today's Highlights

G20 and Trump Merkel

Ether 50!!

Please note: All data, figures and graphs below are valid as of March 17th. All trading carries risk. Only risk capital you're prepared to lose.

Market Overview

Now that the Fed and other Central Banks have made their respective plays, focus shifts back to politics. Leaders of the world's 20 biggest economies will meet today and tomorrow in Germany.

Meanwhile, German Chancellor Angela Merkel will be visiting Donald Trump in Washington.

Trump's Treasury Secretary, Steve Mnuchin, will be representing the US in Germany with a goal of wooing his counterpart Wolfgang Schauble, the German Finance Minister.

So, while Steve and Wolfgang do their best to play nice at the kiddie table, Trump and Merkel will be over at the adult table trying to conduct some business. Both heads of state have criticized each other publicly in the past but both are smooth operators who should be able to put personal feelings aside for the good of their respective countries.

Watch headlines closely, if anything should go sour at either venue the markets will react swiftly.

Investors have been incredibly optimistic over the past few months about Trump's intention to lower taxes. However, as we learned from OPEC and the price of crude oil, words can only carry the market for so long and even action, if not strong enough, can at times be insufficient.

The budget proposed yesterday certainly didn't seem very business friendly as it diverted funds from many different government programs, including ones that feed the hungry, towards military purposes.

Stocks on Wall Street ended flat yesterday and today's Asian session is not looking very optimistic. The US dollar is also under pressure ever since the rate rise.

Ethereum on Fire

Either using smart contracts or not, it looks like Ethereum has caught a Leprechaun and convinced it to give up the gold.

I made a video for people who are new to cryptotrading and would like to get into it.

Let me know what you think.

The world's second largest cryptocurrency surpassed $50 a coin in overnight trading before pulling back.

The total amount of value of all Ether tokens in the world now stands at close to $4 Billion, compared to Bitcoin's market cap of more than $18 Billion.

Recently, cryptocurrency enthusiasts like @Jaynemesis have been pointing out that there are some serious scalability issues with Bitcoin. Meaning, that going forward it may become more expensive and take longer to process a transaction unless they upgrade the network, which is not an easy task.

Meanwhile, the Ethereum blockchain is already ahead of that issue and already thinking seriously about its next upgrade to the Casper system.

Here we can see a chart of Ether (white) against Bitcoin (red) since the beginning of the month.

ETHEREAL Chart

Earlier today @BigFish posted this article on his wall talking about how we could conceivably see cars that run on Ethereum in the not too distant future.

Whatever the reason for the surge, the momentum is incredible, and for those who enjoy a fast paced market, this is as good as it gets.

As always, feel free to contact me directly with any questions by email or on my wall @MatiGreenspan.

Disclosure: This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation. Past performance is not an indication of future results. All trading carries risk. Only risk capital you're prepared to lose.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.