Right now there are a multitude of exchanges that help digital currencies like Ethereum (ETH) reach their global audience. But these exchanges are not like the established platforms such as the NASDAQ or NYSE. This fact explains why digital currencies, despite having their own ecosystem, have been clamoring for including on the major index, and it explains too why ETH is one of the few that appears to be taken active step to reach those levels.
Recently it was announced that ETH could very well be listed on one of these institutional platforms in the future. Getting there involves some complicated wizardry, though. For ETH to become a serious consideration, it is being pushed by ConsenSys, a New York based blockchain application startup. According to a recent release, ConsenSys is partnering with TrueDigital, an affiliate of interest rate swap marketplace TrueEx. The plan is to create a benchmark price for ETH that will then get in listed on a major trading platform.
It is envisaged that once the foundation has been set, ETH will secure a Bitcoin contract on TrueEx’s platform. There is some confirmation out there that the US Commodity Futures Trading Commission (CFTC) already has an application in front of it. Presumably once this is approved ETH will become one of the biggest digital currencies out there.
For now traders are still busy making the best of the digital tokens meteoric rise. ETH was trading well over $700 in December 2017 but it has fallen off since then – though not by much. ETH has managed to maintain some trading above $700 for the most part and it reached a high of $712 over the last 24 hours. Since then the currency has traded below $700 for the majority of Tuesday’s day session. By 8 am Tuesday, ETH had fallen to a low of $687, though still maintaining a considerable valuation.
ETH could very well have a better time once the application is approved but for now it trails the biggest player in the cryptocurrency space, Bitcoin (BTC). Despite seeing a huge chunk shaved from valuation, BTC is still trading pretty strong and is worth around $9,179 as at this writing. In a strange way, ETH and its fortunes are tied to those of Bitcoin; and it was the explosion of BTC that led to the revaluation upwards of digital tokens like ETH.
The next few weeks will be interesting.