ConstitutionDAO Brings Ethereum Into The Mainstream, How Mass Adoption Is Next
Ethereum is grabbing attention from some unexpected names (TIME magazine, Sotheby’s) among top corporations. Is mainstream Ethereum adoption coming soon?
Covered:
- Ethereum Adoption In The Headlines
- Is Ethereum Ready To Go Higher
As the crypto market recovers from a steady correction throughout the past week, Ethereum (ETH) has been making waves in the mainstream.
Ethereum Adoption In The Headlines
The popular TIME Magazine caught the crypto community by surprise yesterday after the magazine publisher announced that TIME would be holding Ethereum on its balance sheet, following a partnership with crypto bull Mike Novogratz’ investment management firm Galaxy Digital.
According to the report from Blockworks, TIME will not only hold ETH on its balance sheet but also use it to finance the launch of a TIME 100 Companies list for the metaverse and a weekly newsletter to be called ‘Into the Metaverse.’
Novogratz hopes that the partnership with TIME will introduce more people to the cryptocurrency space.
“We see our role as the bridge bringing together institutions and innovators/wall street and Web 3.0.
More simply, we are always trying to bring more people into ‘the tent’ – this partnership aims to do exactly that via education, content, TIME100 companies, and more.”
In other Ethereum adoption news, crypto investors tuned into the recent auction hosted by the renowned Sotheby’s, one of the world’s largest brokers of fine and decorative art, jewelry, and collectibles.
Various historic documents were sold at the auction, including the last privately held copy of the US Constitution, which sold for $41 million USD. A decentralized autonomous organization (DAO) known as ConstitutionDAO attempted to raise $49 million to win the artifact. However, the DAO was unsuccessful in their bidding.
Crypto investors tuned into the auction, however, not for the rare collectibles that the broker was selling, but rather for the fact that an artist known as Banksy was accepting ETH for payment for two pieces of his work, Trolley Hunters and Love Is In The Air.
According to the press release, Sotheby’s clarifies that while the bidding price for Banksy’s work would be announced in ETH, the winner of the auction would also have the choice to pay with Bitcoin (BTC) and USD Coin (USDC).
“While bidding increments for both works will be announced in Ether, the winning bidders will have the option of paying the hammer price for each work in fiat currency or in the three cryptocurrencies accepted by Sotheby’s: Ether (ETH), Bitcoin (BTC), and USD Coin (USDC).”
Is Ethereum Ready To Go Higher?
As the mainstream Ethereum adoption continues growing, on-metrics and price action are hinting at serious growth coming to the Etheruem ecosystem.
An important metric to note is the amount of ETH leaving exchanges at the moment.??
According to Glassnode, investors have been pulling ETH off exchanges and into personal wallets at a rapid rate since the market began to recover in July. As the price is inching closer to new all-time highs, more and more people are moving their Ethereum into safe storage as they expect the price to appreciate.
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The widely followed crypto market trader Michaël van de Poppe thinks that Ethereum is getting ready to trigger a massive alt season once it breaks out from the massive bullish pennant that’s been forming against its BTC pairing (ETH/BTC).
Currently, Ethereum is trading at 0.0728 BTC ($4,225), according to CoinGecko.
The breakout of this pennant will lead to the next altseason. pic.twitter.com/mQ9zO4Efsu
— Michaël van de Poppe (@CryptoMichNL) November 19, 2021
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