Why Is Ethereum Going Up?

It’s the billion-dollar question that every digital currency investor is asking: Does Ethereum's rise mean the fall of Bitcoin?

The answer to that question is no.

Pitting Bitcoin against Ethereum is like speculating on an unnecessary battle royale. The two currencies have different purposes, so there’s no reason for conflict.

Bitcoin was the world's first digital currency. In that, it has value. Its thunderous presence is too loud for first-time digital currency investors to ignore.

As digital currency gains momentum, Bitcoin is going to soar because of its existing popularity. Most new investors won't demand a blueprint of its underlying technology.

Ethereum, on the other hand, cannot rely on first-mover advantages. It holds its coveted spot as a top digital currency through its technical superiority. As I've mentioned before, the Ethereum blockchain is superior to the Bitcoin blockchain.

Instead of trying to isolate a loser, investors should focus on isolating the unique traits that allow certain currencies to dominate. Then they should look around and see how these traits can be applied in the real world.

Which is why to the original question, I raise another: Why is Ethereum rising so sharply? What makes it unique?

The answer to that one is easy: Ethereum is the digital currency with the best blockchain. That technology has snared the interests of dozens of corporations. And it will ensure Ethereum’s growth in the future.

Corporate Faith in Ethereum's Blockchain

Any seasoned investor can see that Ethereum is making ripples in the corporate world.

Its blockchain is being used by Bank of America to save millions annually, and other companies are following suit.

Ethereum has managed to drum up a tremendous amount of corporate support in its two-year life. And that corporate support has solidified into one cheerleading group: the Enterprise Ethereum Alliance (EEA).

In February, the EEA was formed with the goal of standardizing the use of the Ethereum blockchain in the corporate world. Now, after the induction of 86 new members, it is 116 members strong.

The EEA's goal is groundbreaking. It signals that major corporations are standing behind a digital currency.

Bitcoin failed to get this kind of corporate backing in its formative years. Many people would argue that it doesn’t even have this backing now.

It is true that dozens of companies support Bitcoin as a means of financial exchange. But very few have tried to use its blockchain technology.

And as soon as Ethereum came along, any chance the Bitcoin blockchain had went down the toilet.

The list of new companies that just joined the EEA includes:

DTCC

State Street

Infosys

Deloitte

MUFG

Toyota Research Institute

Broadridge

The tremors that Ethereum is creating in the corporate world are the footfalls of a giant. Something big is coming, and these companies scrambling to cash in have let the rest of the world know it.

The EEA may be the leading reason why Ethereum has gone up 57% since our last article.

There is a tremendous amount of investor and corporate backing behind this technology. And that promises long-term success in the digital currency space.

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Diversify Your Digital Currency Investments

I would like to return to the point I made at the start of this post.

Digital currency investing is new, and every one of the 700 digital currencies out there is a different animal.

In the next couple of years, hundreds of them will fail. Others will rise.

And it's currencies with unique functions that will claw their way to the top.

Ethereum's unique trait is its amazing technology. But on the flip side, you don't see people exchanging Ether tokens the way you see people exchanging Bitcoin.

Bitcoin may always be a dominate player in the digital currency space. In 10 years, it has become the foundation of many exchanges and businesses.

Ethereum will rise behind it, more than likely reaching the same lofty prices. But it will rely on its technical superiority, not its ability to act as a means of exchange.

This is another reason you should diversify your cryptocurrency investments.

And at the end of the day, you should realize that you invest in everything for a reason. When it comes to stocks, you invest because you believe in the company — or someone told you to believe.

In digital currency, you have to believe in the coin.

Or in Ethereum's case, the technology behind it.