One of the largest Chinese crypto currency exchanges Huobi, is set to list CNY/ETH, beginning wednesday of this week. In terms of market cap Ethereum is currently second, with a market cap of $17,305,982,033 at the time of this post, according to https://coinmarketcap.com.
What Implications Will This Have on the Price for Ethereum?
This is only speculation, but judging from the past, when new cryptos have been added on large exchanges, the price has sky rocketed. Jeff Roberts reported on May 3rd, that Litecoin's price jumped over 25% after being listed on Coinbase. If history repeats itself, then this news could surly help Ethereum's climb to the top. It's also important to note the recent growth of the Enterprise Ethereum Alliance (EEA), who added notable companies like Toyota, ING, and Merck into it's ranks. Thus, making Ethereum a good potential hold for the long term.
Looking Ahead
Ethereum is really starting to look like a coin that could challenge Bitcoin's top spot one day, but for now it has a long way to go. One thing is for sure however, Ethereum has some of the smartest minds and largest corporations backing it, so it's looking like a good bet in the long run as far as sustainability. With growth, comes plenty of healthy draw backs into consolidation, which means there will be plenty of opportunities to make money. It's important however, to look out for trends in the charts, news, and past market reactions, so you can be prepared for potential gains to be had.
Live Update
Ethereum has just broke a key resistance at around $186, and shouldn't see another big resistance until the huge psychological level of $200. The chart below shows Ethereum has been moving in an uptrend, which is a good indicator along with the promising news heading into Wednesday, making Ethereum a very good buy for my portfolio. It's important to note that you should do your own research before investing!
Disclaimer
I am not a professional trader, and any time you put money into any kind of market, you have to be prepared to lose it all. This is all pure speculation, but I hope it works out so I can say I told you so! If you found this post to be helpful in anyway please don't hesitate to leave a comment below, and hit me with a follow! I'm all about supporting this community, so 9/10 times I will follow you back if you let me know you followed me! Thanks, and keep on Steeming on!
Sources:
http://fortune.com/2017/05/03/coinbase-litecoin/
https://www.cryptoninjas.net/2017/05/28/chinese-exchange-huobi-list-ethereum-eth/
http://www.cnbc.com/2017/05/23/bigger-than-bitcoin-enterprise-ethereum-alliance-grows-in-size.html