Ethereum is the name of the platform on which the digital Ether token was created. The company created a platform for blockchain-based applications. Creators used the same technology that underpins Bitcoin. Ether started as a fundraising event for the development of the platform.
Jeremy Allaire, co-founder and CEO of fintech company Circle, told CNBC that blockchain and cryptocurrencies will one day be as pervasive as the Internet is today.
Aller told Fast Money on Wednesday that this is a truly fertile space in terms of basic, technical and infrastructure.
One of the main reasons for this possible occurrence is Ethereum. This cryptocurrency has a lot of developer activity right now, he added.
One of the things that has really catalyzed the cryptocurrency market over the past year is that Ethereum in particular has become a kind of place where users can build applications on top of it, he said.
According to him, users can issue new tokens on top of that. New types of financial contracts are created using smart contract technology.
As a result, Aller concluded that the number of ICOs, or initial coin offerings, a crowdfunding method for cryptocurrency businesses, has skyrocketed. The ICO was known to have $3.8 billion raised in the entire period of 2017.
However, according to CoinSchedule, in just six months this year, companies have more than tripled that amount by raising $12.4 billion through ICOs.
Aller noted that it has also acted as a catalyst for creating a lot of infrastructure that competes with Ethereum. He believes that there are many new blockchain platforms on the market today. EOS, NEO, and Cardano are worth considering.
2019 Price Prediction
On the other hand, cryptocurrency traders cheered this week as Bitcoin. The largest digital coin by market cap, fell below $6,000 last month and crossed $7,000 on Tuesday. While the gains are substantial, they are still well below the December 2017 high of $19,500. However, the Bitcoin bulls believe the coin is not dead yet.
Founder and CEO of financial firm Digital Currency Group, Barry Silbert, told Fast Money on Wednesday that when the Fed Chair says negative things about Bitcoin, Howard Marks says negative things about Bitcoin, Ken Griffin says negative things about Bitcoin, and Bitcoin doesn’t move, I think it’s really bullish.
Wednesday at 17:30. For over 24 hours, Bitcoin was just above $7,300 ET and remained stable.
Silbert predicts that 2019 will be a fruitful year for both blockchain and cryptocurrency, with greater availability and a better understanding of the products.
To participate in this asset class, there has been a full focus on the infrastructures need to create entry and exit points for Wall Street. This is according to Silbert.
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