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Sunday, April 30, 2017

Ethereum Price Hits New All-Time High, Ripple Surges Amid New Partnerships

Ethereum Price Hits New All-Time High, Ripple Surges Amid New Partnerships

Ethereum price increased from around $61 to $68 within 24 hours, adding $600 mln to its market cap. On April 27, Ether surpassed its previous all-time high value, breaking $60.15. In the past 24 hours, however, Ether peaked $68, establishing a new all-time high. Although Ether declined by around 10 percent over the past 12 hours, it managed to stabilize at $64.4.

The recent surge in Ether price is suspected to be the effect of the US Securities Exchange Commission's decision to consider the approval of an exchange-traded fund (ETF) for Ether.

On July 15, 2016, the EtherIndex Ether Trust team filed a proposal for an Ether ETF to the SEC. The proposal read:

“Shares are issued only in one or more blocks of Shares called “Baskets” in exchange for Ether. The Trust will issue and redeem the Shares in Baskets only to certain Authorized Participants on an ongoing basis as described in the “Plan of Distribution” section of this Prospectus. On creation, Baskets will be distributed to the Authorized Participants by the Trust in exchange for the delivery to the Trust of the appropriate number of Ether.”

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