Cryptocurrency value

Ethereum Price ‘Soar’: Cryptocurrency Value May Rise After Possible Market Rise | City & Business | Finance

ConsenSys, a blockchain apps startup and TrueDigital, a global exchange affiliate, said they plan to create a target benchmark for Ethereum.

This plan could be part of an effort to make Ethereum trading more accessible to investors.

Sunil Hirani, Founder of TrueDigital, said: “Institutional investors and business partners are ready for a regulated and liquid market to gain exposure and hedge these increasingly important digital currencies and commodities.

“But the market sorely lacks the necessary foundation, infrastructure and platforms that institutional investors have come to expect in other important markets.”

If the move is successful, it could cause Ethereum’s price to rise sharply.

The cryptocurrency is currently worth $ 708.35 at the time of writing.

However, Ethereum is currently in a downturn – its value fell by $ 147.06 last week.

This marks a drop of 17.41 percent.

Bearing witness to the incredibly volatile nature of Ethereum, its founder Vitalik Buterin previously suggested that the cryptocurrency could easily see its value drop close to zero at any time.

Mr Buterin said: “Reminder: Cryptocurrencies are still a new, hyper-volatile asset class and could drop to near zero at any time.

“Don’t put in more money than you can afford to lose.”

“If you’re trying to figure out where to store your savings, traditional assets are still your safest bet. “

The drop in Ethereum’s values ​​comes at a time when other cryptocurrencies are also experiencing a downtrend.

Bitcoin is currently worth $ 9,129.12, which marks a dramatic $ 1,920.26 drop in value since last week.

Bitcoin Cash and Litecoin have also gone into free fall over the past week.

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