Ethereum Price Gains 9% as ETH Follows Global Market Cap to 10-Month High

The global market cap crossed the $300 billion barrier for the first time in 10 months Friday, carrying Ethereum (ETH) and a majority of altcoins along with it.

Outside of the privacy-focused Monero (XMR), Ethereum was the biggest gainer out of the major alts, outpacing Bitcoin on the day.

Ethereum Falls In Line

An encouraging sign for ETH holders is the fact that the coin price has risen almost exactly in line with the broader market. The last time the global market cap struck $300 billion was in July 2018. The last time Ethereum flirted with the $300 range was August of the same year – just one month out.

The same can’t be said for every altcoin (Litecoin has already passed yearly highs), which could mean ETH still has some room to stretch its legs. That’s a theory asserted by certain analysts, and one which could be backed up on a fundamental level by ongoing development over at team Ethereum.

The latest Ethereum development update was released on Friday, and details ongoing efforts at one of the most actively developed blockchain projects. Amid the tons of upcoming technical implementations being played around with on the testnet, there’s some work being done on the privacy front that piques interest.

Private Journalism and Anonymous Social Media

Under the section ‘ZKSnarks Research’, we get a hint at future scalability using zero-knowledge proofs; it reads:

“We are moving forward with zkrollup implementations, and we’re becoming more confident in using zkp (zero knowledge proofs) to scale arbitrary dapps to millions of users.”

One potential use case of privacy on Ethereum according to the report could be anonymous journalism. From the update:

“On the privacy front, we have built a generic zcash style circuit which can be used for coin mixing, voting, anonymous DAOs, anonymous social media, and in other cool privacy focused areas. Our next deliverable in this direction will be a mixer for erc20 tokens. From there comes the potential for more cool privacy projects like, anonymous journalism and voting.”

Labelled ‘Sephamore’, its Github page describes it as “a method of zero-knowledge signaling – a method for an approved user to broadcast an arbitrary string without exposing their identity.”

In an example of how fast things change in the cryptocurrency world, privacy coins like Monero and Zcash could soon lose the niche foothold they’ve carved out for themselves. Besides Ethereum’s own progress, coin-mixing tools now exist for Bitcoin Cash, Litecoin and many others, allowing crypto holders to essentially, ahem… launder their funds.

Ether Price – ETH/USD

From the daily low of $266.11, the value of ETH rose to $290.71 across the day – amounting to 9.2% growth.

As noted above, the only major altcoin to exceed ETH’s growth was the previously mentioned Monero. Small cap alts like the recently covered Egretia and MonaCoin dominated CoinMarketCap’s front page, with over 20% growth each on the day.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. Chart via CoinMarketCap.

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