Cryptocurrency Highlights Of The Week

The Enterprise Ethereum Alliance has been launched, while R3CEV appears to have given up on Blockchain technology development. Here are the cryptocurrency highlights of week 9:

  • Microsoft, JPMorgan Chase and other corporate giants are joining forces to create a new kind of computing system based on the virtual currency network Ethereum. Some 30 companies announced the formation of the Enterprise Ethereum Alliance on Tuesday, which will create a standard version of the Ethereum software that businesses around the world can use to track data and financial contracts. The new organization, a nonprofit, is part of a broader movement to harness the technological concept known as the Blockchain, which was introduced to the world by Bitcoin.

  • Another new Blockchain-focused non-profit organization has launched in Switzerland with the aim of promoting and researching the tech. Dubbed the Crypto Valley Association – after the region which has become a growing hub for digital currency and Blockchain start-ups in the country – the group’s objectives are to pursue public policy outreach, organize events and developer hackathons, and conduct relevant research into the tech.

  • R3CEV, the largest Blockchain consortium of banks and technology firms including multi-billion dollar institutions such as Barclays, Credit Suisse, Bank of America, Citibank and HSBC, has seemingly admitted defeat and moved on from Blockchain technology development. In a presentation about the R3 Corda, R3CEV engineers, developers and researchers stated “No Blockchain because we don’t need one,” admitting that the utilization and implementation of Blockchain doesn’t fit their vision and more importantly, technological capability.

  • Anticipation over the Bitcoin ETF which, if approved, would bring in Wall Street, has propelled the currency to its highest level ever. A historical event that may have significant psychological effects as the currency now proves its value. At about the same time, Ethereum, a barely two years old digital currency has in a short time created a highly vibrant, dynamic and very innovative happy ecosystem with discussions ranging from primitive artificial intelligence to preventing cheating in fantasy sports. Its market cap reached an all-time high as well this week.

  • Compared to the previous week the price of Bitcoin has increased by more than eight percent, with the exchange rate currently at $1,251 per BTC. The price of Ethereum increased by a staggering 40 percent, taking Ether up to a rate of $19.11 per ETH. Ethereum Classic gained about 18 percent, with the price increasing to $1.42 per ETC. Zcash also experienced a big gain of almost 40 percent. One ZEC is now trading at roughly $40 per coin.