As trading analyst Peter Brandt suggested a few months ago, the market appears to be on a parabolic trend and new highs may be on the horizon. Bitcoin (BTC), Ripple (XRP), and several altcoins have experienced a massive surge in price a very short span of time – and Ethereum (ETH) is no different.
The token is priced at $267 at the time of publishing and there are several factors that could explain this renewed interest in the token.
1. More than half of the Forbes 50 billion dollar firms are building applications on Ethereum
More developers are looking to the Ethereum blockchain for dapp development. A recently published article by Forbes reveals that over 50% of Forbes billion dollar firms are building applications on the platform, including Amazon, Overstock, BNP Paribas, UBS, Metlife, Coinbase, Google, Microsoft, Comcast, Foxconn, Intel, and Samsung. This is a phenomenal list of companies that has the potential to greatly increase the adoption of Ethereum.
Established entities like Microsoft have also been encouraging development on Ethereum, with it having released a development kit on Azure, its cloud platform.
2. Ethereum Playing a Part in the Development of Web 3.0
Ethereum was conceived as a decentralized global computer. Many consider it as being an important player in the development of “Web 3.0”, a truly decentralized version of the internet that is more true to the original spirit and intention of the internet. Mike Novogratz, Galaxy Digital CEO, speaking at the Ethereal Summit 2019, had this to say,
There’s good news and bad news…the good news is that Ethereum is way ahead. Ethereum, by a long shot, has the most people in the room.
Certainly, the increased research and development activity could see Ethereum play an important role in the development of a new kind of internet.
3. HTC Throwing Itself Behind Ethereum and ERC-20 Tokens
HTC recently revealed that it would be releasing a cheaper version of their HTC Exodus blockchain smartphone. Following this, the company said that they would support Ethereum and ERC-20 tokens on the new phone, and the phone would allow Zion Vault users to swap ERC-20 tokens through the Kyber Network (KNC).
4. Ethereum Accepted by Amazon’s Whole Foods
Another major development comes in the form of Amazon, which has shown a growing interest in blockchain and cryptocurrencies, accepting Bitcoin and Ethereum as payment for its subsidiary Whole Foods, as well as Bitcoin Cash (BCH) and the stablecoin Gemini Dollar.
This could be a huge boost to the usage and adoption of Ethereum. The Fortune write who initially reported the news tested the payment and it seemed to work well.
If the bull run continues, then we are likely to see Ethereum go well past the $300 levels, though despite the quick rise in prices, it will be hard to tell if this price will arrive by the end of May. In any case, investors can now be optimistic about the market, with new support levels now being found.
