Ethereum’s Price Rises as DAO Theft Reaches Conclusion

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After an eventful and testing summer, Ethereum meets the upcoming new autumn season with a rise in price and confidence.

Ethereum's Price Rises in Anticipation of Devcon2 and Return of ETC
Ethereum’s Price Rises in Anticipation of Devcon2 and Return of ETC

A number of factors are seemly converging to create upwards pressure. The most prominent, Devcon2, is now in just over two weeks with many new projects expected to launch both in Shanghai and elsewhere.

A flurry of activity is expected as China, which has already passed Fintech’s tipping point, is introduced to what seems to be a new stage in blockchain tech – proof of concept testing.

The week-long blockchain event may be the biggest yet, with thirty projects to demo in just one day. Tech and finance giants are for the first time joined by the Chinese government itself which has launched a working group in preparation for the event. It includes China’s mainstream companies and household names, such as Ant Financial, subsidiary of Alibaba – china’s Amazon, Ping an, one of China’s huge conglomerate and Wanxiang Blockchain Labs – hosts of the Shanghai Blockchain Summit.

The DAO Theft Now Fully Resolved

The overall mood in Ethereum’s community is one of high anticipation, especially as the DAO hack saga comes to an end. The White Hat Group has successfully recovered 70% of the stolen funds and distributed four million ETC to the rightful owners who may be selling them for ETH, thus adding to the upwards buying pressure.

Another three million ETC was held on Poloniex and Kraken. Both exchanges have now started the process of redistributing to the former DAO holders, seemingly closing a chapter in Ethereum’s and Digital Currencies’ history.

Ethereum’s price is now back to around the same levels as before the hack, with volume returning and racing to regain its top spot in a clear indication that the market fully approves of the action that was taken.

While prior to the fork everyone was convinced price would fall below $4, the main question in open spaces now seems to be how high will Ethereum’s price go. Ethereum’s fundamentals are now stronger than ever as its most enthusiastic members who had dreams of a new decentralized, autonomous, world to replace CEOs and make us all company bosses in a decentralized fashion, were saved by Ethereum’s developers who have managed, for the first time ever in the digital currency space, to resolve a hack and not just any theft, but one of the biggest in this space and the world.

The 10 or 20 thousand former DAO investors, whose only sin was to work towards a new future, instead of becoming bitter and turning against the community, are now probably its most loyal and enthusiastic followers as their property is fully returned, a disaster averted, and the community can now move ahead as if nothing happened.

No Breaks

But something did happen. Ethereum proved they can address challenges, they can correct mistakes (which at this stage are inevitable), they can act quickly when necessary, that the community overwhelmingly shares the same principles and that overall common sense and technology prevails.

Ethereum Classic

Their ability to successfully do so has formed strong foundations and makes Ethereum’s blockchain the place to be for new projects and developers, an opinion clearly shared by others with Santander being the latest of the giants to publicly support Ethereum with a Gold Sponsorship of Devcon2. John Whelan, Head of Santander’s Blockchain lab, speaking to CCN, stated:

“Ethereum has become the standard open smart contracts platform, so it is natural for us to sponsor the main Ethereum conference of the year and connect with a large part of the development community in order to learn new things and stay abreast of developments…

We think that Ethereum and its associated community of passionate developers can have a profound impact on the intersection of technology and finance.”

The speed and breadth of development in Ethereum is very much next level for the blockchain space. There are no breaks, only project after project racing to bring a new future, from the internet of things, to self-enforcing financial contracts, as the blockchain space now enters a new stage: real life testing of blockchain based implementations/projects.

Disclaimer: The views expressed in the article are solely that of the author and do not represent those of, nor should they be attributed to CCN.

Images from Shutterstock and Ethereum. Chart from Poloniex. 

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