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After His Romance With Dogecoin, Elon Musk Tweets “Ethereum”, Prices Shoot Up Within Minutes

Tech giant Elon Musk is known for putting out his opinions, positive or negative, openly on social platforms like Twitter. His comments and tweets are viewed with great enthusiasm and focus, given the fact that he is among the biggest scientific innovators in the world currently.

The founder of Tesla and SpaceX has been a firm advocate of blockchain and cryptocurrencies for a very long time. After backing Bitcoin and crypto markets at large, Musk continued to support Dogecoin. He jokingly Tweeted that Dogecoin will be of great value in the future and that it was the best cryptocurrency. This led to a rapid soar in DOGE prices. This shows how influential Elon Musk has been, and how seriously his comments are taken.

Lately, however, Elon Musk’s focus has shifted towards Ethereum, not nobody is complaining! On Monday, Musk simply Tweeted “Ethereum,” and soon, it took the crypto space by storm.

The price of Ethereum, which were dipping for a few days, immediately jumped to a 7-day high, and the rally is expected to continue further. Just minutes after Musk’s tweet, Vitalik Buterin, co-founder of Ethereum, invited Musk for the Ethereum Devcon in October this year.

Seeing the sudden rally in between of dreading downward trend, the famous crypto trader and economist, Alex Krüger tweeted that Elon Musk’s tweet has pulled the world’s second-biggest cryptocurrency out o it dark times.

Further, Musk also asked Buterin on what should be developed on the Ethereum ecosystem.

Answering to the question, Buterin posted four continuous replies. He stated that things which could be developed on  Ethereum’s platform include a globally accessible financial system, micro-payments to publishers of quality content, crypto-economics to prevent spams, and verification registries, among many other uses.

On face, it looks like the crypto communities are quite excited about Elon Musk’s interest in the crypto space. However, the sheer potential of Bitcoins and other cryptocurrencies are too good to resist, especially for techno-entrepreneurs like Tesla’s Boss. Within just ten years since launch, the crypto markets have managed to accumulate a total market cap of $176.7 billion. And that too despite of various battles with regulators, resulting in bans and restrictions.

Several experts, analysts, and economists across the globe gave predicted crypto to be the future of monetary systems. Musk, known for his “futuristic” approach, might be more interested in cryptocurrencies than anyone would have imagined. It won’t come as a big surprise if he starts his own crypto/blockchain company in near future. All other major conglomerates, the IBMs, and the Apples of the world have already embraced Nakamoto’s children. The market faced devastating shocks in 2018, and most f the digital tokens lost up to 90% of their price value, but the expansion remained unaffected and continued to grow exponentially.

Influence of traditional business giants will always have a huge impact on market trends. They have the power of taking cryptocurrencies from the discussions of enthusiasts to the asset lists of the commoners.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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