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Ethereum briefly gets the spotlight with all the FB, Libra, and Ripple advancements




Ethereum briefly gets the spotlight with all the Facebook, Libra, and the Ripple advancements
Source: Unsplash

Ethereum had gone silent with all the mainstream developments happening with Ripple, XRP and Facebook’s Libra. However, Ethereum seems to be back in the limelight, although briefly, due to Grayscale announcement. Grayscale announced the launch of trading for Grayscale Ethereum Trust “ETHE” on June 20.

With this, ETHE is now available for trading on OTC markets and each share of ETHE represents ownership of 0.09662399 ETH and this share decreases gradually over time. The addition of ETHE comes to the already existing trusts for cryptocurrencies like Bitcoin, Litecoin, Bitcoin Cash, XRP, Ethereum Classic, Stellar Lumens, Zcash, and others.

Grayscale Bitcoin Trust has been a good investment considering the Bitcoin holding per share over the last 12 months has shown great performance. Bitcoin holdings per share were up by 36.68% while the actual price of Bitcoin in the same time period was up by 15.05%. This shows Grayscale’s products could yield good returns on investments.

Since the announcement, the price of Ethereum has increased from $267 to a peak of $288, which is a surge of 7.68% in under 12 hours and the price was short of a $1 to reach its previous high of 2019. The price of Ethereum is up by a total of 122% since the start of 2019.

The cryptocurrency space has been talking about Facebook’s Libra and how it could disrupt the flow of Bitcoin or Ripple and XRP but Ethereum has been slowly gaining momentum. In addition, Ethereum’s blockchain and smart contract functionality are being used by MetLife to disrupt $2.7 trillion Life Insurance Industry. MetLife’s Singapore-based incubator, LumenLab, is partnering with Singapore Press Holdings, a media group, and insurance cooperative, NTUC Income, to release a smart contract platform built on Ethereum called Lifechain.

The above news is yet another slow but steady development happening in the Ethereum ecosystem.

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time writer at AMBCrypto and a part-time novice trader.