Forget about Bitcoin. Suddenly Ethereum’s on fire.
ETHUSD hit new highs for the second quarter this morning and remains the best performing major cryptocurrency on the TradeStation platform. Others including Bitcoin futures (@XBT), Litecoin (LTCUSD) and Bitcoin Cash (BCHUSD) remain trapped in their consolidation zones from the second half of April.
There don’t seem to be any headlines fueling the move in ETHUSD. If anything, recent news had been negative after the Wall Street Journal cited the possibility of increased regulation for the token.
Ethereum was invented as a system for applications to dynamically share resources across a decentralized computer network. While the extent of its current use is unclear, it’s interesting that the present rally takes place amid a boom in cloud computing.
In summary, Ethereum helped kick off the current run in cryptos, and is leading the pack once again today.