We learned two things about digital currency this week.
First, we were reminded that digital currency is volatile — sometimes painfully so.
We observed this volatility as Ethereum struggled to nose its way above the $90 mark. It fell below $90 after multiple currency exchange attacks.
As Ethereum struggled, its peer Bitcoin skyrocketed. This brings us to the second lesson.
When one digital currency suffers, others surge.
Bitcoin acts as a safety net to digital currency investors. As the grandfather in the cryptocurrency family, Bitcoin seems like a safe buy.
When Ethereum’s price started to wobble, investors went running back to Bitcoin.
This flighty behavior is not a good thing. You lose profits when you lunge between coins.
Which is why we should enter the weekend with these lessons in mind.
Ethereum is about to go up.
Multiple events are taking place in the digital currency world that indicate this. And Ethereum’s rise may have an effect on other currencies — including Bitcoin, which is hovering around $1,875 as I type this.
Upcoming Ethereum Events
May 22nd kicks off the Consensus Blockchain Conference. This conference goes for two days and features workshops that educate attendees on the benefits of blockchain technology.
Without argument, Ethereum will be the star of the event. It has become the darling of many companies that are trying to improve their networks.
This is probably why the guest list is so impressive:
- ABN AMRO
- Ad Meliora
- Accenture
- Allen & Overy
- A.T. Kearney
- Berger Singerman LLP
- B2C2
- BNY Mellon
- Bloomberg
- Broadridge Financial Solutions
- BroadRiver
- Capital One
- Citigroup
- CME Group
- Cognizant
- Cooley LLP
- Covington & Burling LLP
- Crowell & Moring LLP
- Davis Polk & Wardwell LLP
- Deloitte
- DTCC
- Equifax
- EY
- Fundserv
- Friedman LLP
- Goodwin LLP
- Guardian Life Insurance
- Hitachi Solutions
- Hogan Lovells US LLP
- Holland & Knight LLP
- IBM
- Infosys
- LG Electronics
- Medici Ventures
- Microsoft
- Nasdaq
- New York Life
- Penn Mutual Life Insurance
- Perkins Coie LLP
- PwC
- Procter & Gamble
- Prudential Retirement
- Rakuten
- S&P Global
- SAP
- Scotiabank
- Siemens
- Shanghai Clearing House
- Silvergate Bank
- Standard Chartered Bank
- State Farm
- Sullivan & Cromwell LLP
- Swirlds
- Swiss Re
- Synechron
- Thomson Reuters
- USAA
- Vanguard
- Western Union
- And more…
With all of these companies coming to see Ethereum, we can expect a surge in interest. Ethereum will finally get some pampering after having a rough week.
And a key conference speaker is Ethereum’s biggest fan: the Enterprise Ethereum Alliance (EEA).
The Best Free Investment You’ll Ever Make
Join Wealth Daily today for FREE. We’ll keep you on top of all the hottest investment ideas before they hit Wall Street. When you become a member today, you’ll get our latest free report: “The Nvidia Killer: Unlocking the $100 Trillion AI Boom.”
It contains the most promising AI companies and sectors poised for explosive growth. Our team of expert analysts has conducted thorough market research to uncover a hidden gem currently trading at just $2.
After getting your report, you’ll begin receiving the Wealth Daily e-Letter, delivered to your inbox daily.
If you haven’t familiarized yourself with the EEA, you should. The EEA is a collection of companies that are devoted to developing blockchain technology.
The EEA wants to use the Ethereum blockchain for business means, including the use of smart contracts and building decentralized apps (dapps).
Existing members of the EEA include Microsoft, Intel, BP, and Thomas Reuters. Those big names are joined by dozens of startups.
In the next 90 days, over 200 companies will be onboarding into the EEA.
All new technologies are introduced slowly — another reason that Ethereum is a long-term hold. Nothing happens overnight.
In the case of Ethereum, it will likely trickle down to everyday users through big corporations. More companies in the EEA means more corporate backing for Ethereum.
Ethereum is quickly overcoming an obstacle that Bitcoin struggled with: widespread adoption.
And all of this will boost investor confidence and guide buying.
Watch Your Bitcoin and Other Digital Currencies
As these events get underway, Ethereum is going to have some fuel pumped into its engine. And investors that held through the rough patch will be pleased.
Bitcoin and Litecoin may take a hit as investors sell off coins to buy back Ethereum. Of course, no one can be 100% certain of how investors will behave. But the past week made a strong case for coin jumping.
Bitcoin and its peers may feel Ethereum’s rise as investors switch focus.
Editor’s Note: A lot of people ask questions in our comments section below. Feel free to tweet me at @AlexandraPerryC with questions or topics you would like addressed. I will try to supply you with timely information on article inquiries. Best of luck with your investments.
