Digital Currency Revolution Series: November Keeps Ethereum Busy Amid Solid Price Consolidation
This year, ether’s price (ETHUSD at Coinbase) has shown a resounding consolidation phase after bearish rout seen in 2018.
Although the minor trend forms sloping channel, the rallies spike above DMAs upon stern bullish engulfing candle at 129.61 levels, ever since then the price has jumped more than 340% in 2019 so far (refer weekly plotting).
It isn’t just only the technicals that are driving bullishness in favor of Ethereum; fundamentally, the project has recently seen massive adoption by corporate giants.
Like bitcoin, Ethereum has its technical glitches in governance matters, but at least in Ethereum’s case there is now a way forward to Ethereum 2.0. In this perspective, ethereum saw a Hard-Fork in October, ethereum has a busy calendar for this month.
18th November - Launch of Multi-Collateral DAI (MCD) on the Ethereum network
The leading stablecoin project on the Ethereum blockchain launches the biggest update in its history this Monday. In a fundamental change to the network's operational structure, old DAI will now be called ‘SAI’ (Single Collateral DAI), newly upgraded DAIs will be called ‘DAI’, and what were previously referred to as Collateralized Debt Position (CDP) contracts will be called ‘Vaults’. Users will now have multiple options to collateralize debt and issue DAIs, meaning more flexibility and diversified risk.
November 25th - 0x V3 launches on Ethereum mainnet
The 0x v3 proposal was approved and will go live on November 25th. Following approval after a successful community vote, another Ethereum project will have a major upgrade soon. 0x V3 proposes to add major improvements including deeper network liquidity and an improved developer experience. A major addition to the upgrade will let 0x become a community-owned liquidity API and the DEX liquidity aggregator for the greater DeFi ecosystem.
Fundamentally, we see couple of constructive commentaries to drive bullish ETH, while CME announced Bitcoin Options, we get to see Ethereum Futures in 2020.
While the US-SEC states ‘Bitcoin and Ethereum Are Not Securities’, constantly keep declining bitcoin ETF proposals foreseeing potential threats for the investors’ community, whereas the new Chair of the CFTC (Commodity Futures Trading Commission) and the former Coinbase VP has recently called Ether (ETH) as a commodity that hints the room for a plethora of newly regulated derivatives products on platforms like the CBOE. Courtesy: BNC
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