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New Fund Entirely Bullish on Ethereum

For some reason or another, Ethereum (Ether/ETH) has been underperforming Bitcoin since the start of the bull trend. While the lead cryptocurrency is down a relatively mere 60% from its all-time high, ETH is still down by over 75%, still wallowing in the doldrums of bear market territory. Despite this, the cryptocurrency has continued to gain traction.

According to a recent Bloomberg report, Darma Capital, a new $100 million investment fund, will first be focusing on Ethereum. In an interview, Andrew Keys, a pioneer of Ethereum developer and investor ConsenSys turned Darma managing member, revealed that his firm expects for ETH to rally over the next decade, stating that Darma is “ten years long”. He didn’t mention a specific price target, but a “fair valuation” for the digital asset in Keys’ eyes are likely much higher than today’s $250 valuation.

Keys didn’t say how much of the $100 million principal will be divested to Ethereum in particular, but the investor did accentuate that ETH is important because it acts as the “equivalent of the [decentralized] web”, which firms can build on. In some senses, Ether is like purchasing a stake in TCP/IP.

Darma is expected to soon create similar investment opportunities for other digital assets, namely Bitcoin and the to-be-launched Filecoin, which is one of the least-known yet most popular ICOs in crypto’s relatively short history.

Darma’s stamp of approval comes as Ethereum has begun to gain widespread traction as a platform. Per previous reports from Ethereum World News, the network’s fundamentals are well on the rise. The ETH Gas Station revealed that the Ethereum network broke its “record for Total Daily Gas Used” last week, meaning that the chain is likely processing more data and contract executions than ever before.

This is notable, especially considering that ETH is still down over 70% from its all-time high of $1,400, which came at the peak of cryptomania in early-2018.

This isn’t the only sign of surging interest in Ethereum as a platform, not just as an investment. According to a recent tweet from Binance’s research division, most of the network’s other key fundamental signs are flashing green. More specifically, the number of active addresses has reached a ten-month high, daily on-chain transactions are the highest they’ve been in a year, and Ethereum’s market cap is surging to eight-month highs.

A brief look into the Ethereum $ETH chain

– Active addresses reaching 10 month high

– Daily on-chain transactions reaching 12 month high

– Marketcap approaching 8 month high

Can ETH return to its former glory? pic.twitter.com/MDK6etAtLj

This all comes as “decentralized finance” has begun to drive Ethereum transactions and hype, and as mainstream corporations like Ernst & Young, Samsung, JP Morgan, and dozens of others have started to work with the blockchain and its underlying technology.

The post Ethereum: $100M Fund Goes Ten Years Long on ETH Amid Strong Fundamentals appeared first on Ethereum World News.

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