Ethereum’s value as market looks toward DeFi Summer 2.0
Ether’s biweekly gains currently stand at 30+%.
- Experts believe with the introduction of EIP 1559, ETH could soon rival BTC as a long-term store of value.
- Throughout June, the total market cap of the crypto industry has risen by 6%.
- The creators of Norton antivirus recently unveiled that they will allow a select few of their users to mine Ether using their new platform called ‘Norton Crypto.’
The past couple of weeks have seen Ether continue to consolidate and showcase an increasing amount of positive financial momentum. In this regard, the premier altcoin is showcasing seven-day gains of over 15%. Even the market is in the green currently, with the total capitalization rising from AU $1.69 trillion to $1.84 trillion since the start of the month. At press time, ETH is trading at $2,723.
To better understand what the future may hold for Ether, Finder reached out to Tim Frost, CEO of Yield.App, a decentralized finance (DeFi) wealth management platform. In his view, following the currency’s rise beyond the $4,000 threshold recently — as well as the NFT boom — there was bound to be a period of consolidation, adding:
“Ether continues to have a much stronger use case than Bitcoin: Ethereum is the first real working blockchain with the first real working cryptocurrency (Ether). For those that can appreciate that dynamic, Ether is absolutely the stronger cryptocurrency over the long term. The huge support that bitcoin is getting from major banks and asset managers can’t be ignored, though, and this is going to provide strong support in the short and long term.”
Amber Ghaddar, PhD and founder of AllianceBlock, believes that with the Ethereum improvement proposal (EIP) 1559 — commonly referred to as the London hard fork — all set to go live sometime next month, there is a reason to believe that Ether may rise in the near term. She also believes the upcoming update may take ETH in a deflationary direction, stating, “Some ETH is going to be burned … [potentially] making it more attractive as a store of wealth, allowing Ethereum to expand its target market.”
Norton allows users to mine crypto
In an unusual turn of events, Norton recently unveiled its plans to cash in on the ongoing crypto adoption wave by allowing its users to mine Ether via a new feature, referred to as Norton Crypto. Norton is known for creating a whole host of robust computer security solutions over the last couple of decades.
The platform will initially be made available to only a small group of customers who will be able to leverage the power of their computers to mine the currency. The accumulated tokens will eventually be stored in a soft wallet solution called Norton Crypto Wallet and can be transferred out at a later stage.
Disclosure: The author owns a range of cryptocurrencies at the time of writing