Ethereum has been rallying in recent months, being the second largest Cryptocurrency in terms of market cap, spiking to 21 billion dollars; and one Ether costing $232. I want to tell people why I think Ethereum has the potential to spike even more than it already has, starting on May 31st of 2017.

One reason Ethereum has gotten so popular is because unlike other coins that are used solely as currency, Ethereum is a platform that focuses primarily on “smart contracts” which are essentially automated contracts that are enforced by the network. Ether is the token that fuels these smart contracts. Ether, not Ethereum, is what is being traded on exchanges; contrary to popular belief. Different Altcoins such as Golem and Augur are fueled by the Ethereum network, making many traders or investors see it as silver to the gold of Bitcoin. Another thing Ethereum specializes in are “D.A.P.Ps” or decentralized applications. These are programs that can be built by anyone, similar to IPhone apps. They use the Ethereum network and smart contracts in order to do certain tasks. A very notable one would be Toyota setting up an Uber-like car sharing DAPP. According to Hudson Jameson, an Ethereum developer, this is being made for the future where self-driving cars will become mainstream. Self driving cars will be lent to people and in exchange Ether will be paid to the owners. The Blockchain will be able to store information about the owners and the passengers, thus being able to make a service transaction without the middleman. Because of all of these amazing features, Ethereum has the potential to become a powerhouse in the future and I think it will be a bull market in the long term. Now I will explain why Ethereum will go up in price in the short term.

Starting on May 31st, the largest Chinese exchange called Huobi will start trading Ether. China has a large share in the Cryptocurrency market and a new, well established, and popular Altcoin will be swooped up by the Chinese. People across the world are anticipating this price growth, and Bitcoin has fallen as a result. Traders are moving their BTC to Ethereum and are hoping for a parabolic price increase. The second biggest exchange in China called OKcoin has expressed interest in integrating Ethereum but has not gotten around to it. Now that Huobi is leading the charge, OKcoin might be soon to follow, giving more Chinese access to Ethereum. Like Toyota, Ant Financial, or a company branched off Alibaba, is planning on experimenting with Ethereum in the future. Alibaba is one of the largest online retailers in China, making its interest in Ethereum a huge win for the platform. Surprisingly to me, South Korea is one of the biggest traders of Ether.But once China adopts it, I think it will overtake South Korea as one of the most dominant regions. Overall I think because now that China has access to Ethereum, it will rise parabolically in price the short term, due to hype and millions of people now having access. In the long term due to major companies getting involved I am very hopeful about the future of Ethereum. But before you run off and buy it, take my advice; don’t buy just because you don’t want to miss out on the hype. Do diligent research before investing or trading anything.

I hope that gave you a nice explanation about what Ethereum is and how geopolitical events will make the price rise. You can donate to my Bitcoin wallet or use any of the fountains to get us both extra coins for free to keep frequent posts going!

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Sources:

http://coinmarketcap.com/assets/

http://www.trustnodes.com/2017/05/28/toyota-prototypes-ethereum-blockchain-based-car-sharing-uber-alternative

https://www.cryptocoinsnews.com/china-waking-ethereum/