Aeternity Outperforms in a Good Day for Crypto Markets

Aeternity started the morning with AE tokens trading at $3.11 against the dollar. At the time of writing they’re up to $3.59, marking a 15% growth in the past 18 hours.

Aeternity’s strongest market cap to date came on May 5th with a value of $1.1 billion – a near 50% increase on the high peaks of January. AE tokens struck the $5 mark, just a matter of months after November 2017’s value of $0.22. That’s a 2172% increase in seven months.

Since then, AE tokens sunk to $2.96 by May 29th, but Aeternity’s fortunes soon started to turn.

From May 29th until today (June 2nd), Aeternity shot up by 21% in a steady climb and continues to edge higher by the minute.

The majority of Aeternity’s market activity over the last 24 hours has come from the Gate.io exchange, where AE/USDT trades make up 30% of the daily volume, amounting to just over $5.5 million.

AE/BTC trades make up the next three highest markets for Aeternity, coming from Binance, IDAX and OOOBTC in fairly comparable numbers. The total trading volume for the past 24 hours equates to just over $18 million, which is a relatively low number for a token in the top 30 of the market cap rankings.

Aeternity seeks to fulfil many of the same functions as Ethereum, particularly the creation and launching of decentralized applications and smart contracts.

Aeternity addresses the scalability issues of Ethereum with its state channels technology – an off-chain system similar to sidechains and shards – which allows transactions to occur directly between users, without requiring mainchain verification.

Upcoming Mainnet Launch

Aeternity set a roadmap date of Q2 2018 for the launch of their mainnet, which happens to be right now. However the internet chatter suggests Q3 might now be a more likely target.

While Aeternity currently runs off of Ethereum, the team launched a testnet back in 2017 and have been testing apps and running security audits on it ever since.

Hype for Aeternity hasn’t been hard to find, not least with the self-labelled ‘Godfather of Ethereum’, Yanislav Malahov – former colleague of Vitalik Buterin and early developer of Ethereum – leading the project.

Marketing Push

Aeternity launched their Ambassador Program at the beginning of May, where supporters of the project are incentivized to spread word about Aeternity online.

This was swiftly followed by a number of Medium articles, and paid press-release posts which reminded everyone why AE tokens reached a value of $5 at the start of May.

Aeternity continues its strong upward trend since late 2017, and volatility aside, looks set to stumble forward in only one direction – even if it has to take a few falls to get there.

The promises coming out of the Aeternity team sound much the same as those coming from fifty other crypto projects right now. But AE tokens have proven their value before, and will likely do so again if the current trend continues.

Featured image courtesy of Shutterstock. 

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.