Ethereum is on the rise. The price of the criptomoneda has risen considerably in just a few days. Everyone knows it in the community of the criptomonedas and the confidence levels towards it go up like foam. But what factors are decisively influencing the rise of Ethereum? Well here are the most relevant.
MICROSOF AZURE
When Microsoft removed its blockchain platform in the cloud, it shook the world from the criptomonedas. The system was built into Microsoft Azure, a collection of integrated cloud services.
How did that impact on the strength of Ethereum? because it increased the levels of confidence in the criptomoneda since the blockchain system used by Microsoft was just that of Ethereum.
The reason that Microsoft opted for the blockchain of
Ethereum for Azure was the programmable character it possesses. Essentially, it is a blockchain that is dynamic and open, so it can be customized
In any case, whatever the technology blockchain of Ethereum chose by Microsoft for its product, gave a support to the criptomoneda at the end of 2015. And, since then, there have been five updates of progress on this platform; with the last taking place a few days ago.
HOMESTEAD
March began with a tremendous news for Ethereum and is that the team of developers who is leading the project (under the leadership of Vitalik Buterin) announced that the criptomoneda would enter its definitive launch phase: Homestead.
The announcement that was made in the cryptomoneda blog came amid a furor of good news. It was preceded by the successful incorporation of Ethereum's Blockchain technology to Microsoft Azure, and there had also been an increase in the number of emitted cryptones and bifurcations
As described in another article in CriptoNoticias, the new version included a variety of modifications such as "increasing the cost of creating contracts through transactions and an adjustment to the algorithm of difficulty of the network"
The new updates brought by the Homestead version and the atmosphere of optimism in the middle of which was announced, no doubt ended up contributing to the rise in prices of Ethereum.
THE R3 CONSORTIUM
In January, 11 of the banks that make up the R3 Consortium released the results of an experiment they had made using the Ethereum blockchain and the tools of Ethereum's Blockchain-as-a-Service (BaaS) platform hosted in the Microsoft Azure cloud.
The experiment allowed the 11 banks involved (ie Barclays, Commonwealth Bank of Australia, HSBC, UBS, Wells Fargo, Royal Bank of Scotland, Unicredit, TD Bank, Credit Suisse, Natixis and BMO Financial Group) to connect to a blockchain private company of R3 hosted in BaaS de Azure and, according to reported, then proceeded to conduct a mock financial transactions between them using technology, which was a success.
In addition, in more recent days, 40 banks belonging to the same group, including Bank of America, Barclays, BBVA, Bank of New York Mellon, Citi, Deutsche Bank, JP Morgan, Goldman Sachs, HSBC, Morgan Stanley, State Street and Wells Fargo; conducted tests with 6 different blockchain platforms, among which one is based on the public blockchain of Ethereum. The tests included the execution of smart contracts, the exchange and collection of commercial documents, financial bonds and other banking services.
That 40 of the most prestigious banks in the world issue an announcement of such magnitude with respect to the technology blockchain of Ethereum, could not but have a positive impact on the performance of the currency.
THE BITCOIN CRISIS
2016 began with a drop in the price of bitcoin. The motive is an authentic crisis of confidence that is taking place in the community of users of the cryptonnet and has even political dyes.
The problems became evident after Mike Hearn disconnected from the Bitcoin project and labeled it an "unsuccessful experiment", as well as pointing to multiple problems such as charging for steadily increasing commissions and network scalability (the point on which there is a stagnant debate). Parallel to all of the above, the scandal of funds theft suffered by the house of Cryptsy changes, could only contribute to further erode the already damaged trust bitcoin.
Although it would be preposterous to ensure that each user leaving Bitcoin goes to Ethereum, the data does indicate that there is a correlation between the fall of the first and the rise of the second. For January alone, the price of bitcoin had decreased by 16% while that of Ethereum increased by 20%.
To date, Bitcoin's price has fallen from $ 420 to $ 390 in a matter of hours, while Ethereum's price has gone from $ 9 to almost $ 12. Evidently there is a correlation and it becomes clear that the Bitcoin crisis is favoring Ethereum.