Bitcoin is climbing steadily towards $10,000, reaching a high on Friday midday London-time of $9,763, up 5% in the past week for a two-month high. Significantly, the highly volatile virtual currency is in its narrowest intra-day trading range since autumn last year, currently at around $100 compared to highs in December of as much as $4,700.
Meanwhile, the premier decentralised application platform Ethereum is rocketing higher, up 10% on Friday and 20% over the past seven days on news of definite steps forward to solve its scaling problems and a number of bullish price targets. Ethereum has touched $800, its highest price point since early March.
The climb higher is despite a report in the Wall Street Journal stating that the platform is being examined by US regulators to established whether it may be in breach of securities law. Ethereum is the default route to market for blockchain project token crowdsales, otherwise known as initial coin offerings (ICOs).
Vitalik Buterin, the inventor of Ethereum, uploaded a proof of concept of sharding technology to Ethereum’s github software repository this week in which he proclaimed “Sharding is coming”. Sharding is a way of splitting up the verification work on a blockchain to make it more efficient, thereby increasing transaction throughput (see more on sharding below).
A co-founder of Reddit has put a price target of $15,000 on Ethereum and $20,000 for bitcoin by year’s end. Alexis Ohanian, now of venture capital (VC) firm Initialized Capital, told Fortune: “At the end of the year, Bitcoin will be at $20,000. Read more from iii.co.uk…
thumbnail courtesy of iii.co.uk