Up 50%: Ethos Rallies Big After Crypto Wallet Launch

Gravity-defying might be the best way to describe the “ethos” token market this week.

Designed to power an ecosystem of payment gateways and wallets, the ethereum-based token picked up a bid at $1.20 a week ago developers behind the effort informed markets about an impending “big announcement.” Traders responded and the crypto asset remained bid around $1.50 over the weekend.

Rumors would swirl for days, with some speculating a major deal with Wall Street was in the works. However, the big announcement turned out to be the launch of Ethos Universal Wallet, which aims to enable users to store all of their tokens and cryptocurrencies safely and securely on the mobile device.

Ethos launched the wallet in the Netherlands, Germany and the US over the last three days, and has garnered plenty of attention across the investor community.

Ethos token rose to a high of $3.35 on Wednesday – the highest since May 14, according to CoinMarketCap before falling back below $2.00. Ranked #72 as per market capitalization, Ethos is now trading at $ 1.90 – up a solid 50 percent week-on-week and is one of the best performing of the top 100 cryptocurrencies.

Further, the trading volume jumped more than 400 percent week-on-week, adding credence to the price rally.

Still, whatever the excitement, the news that the software system the token is looking to power is closer to its vision wasn’t exactly enough for the project to see all-time highs.

After launching last June, prices clocked a record high of $10.41 on January 7.

Plastic balls via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Comments

comments

Filed in: Bitcoin Buzz Tags: ,

You might like:

South Korea Legitimizes Blockchain Industry With Major New Classification Standards South Korea Legitimizes Blockchain Industry With Major New Classification Standards
The History of Tezos: The Infamous ICO Trying to Rebound Amidst Lawsuits and Disputes The History of Tezos: The Infamous ICO Trying to Rebound Amidst Lawsuits and Disputes
BIS Chief Bashes Cryptocurrency Again in Scathing Review of Its ‘Failure’ as Money BIS Chief Bashes Cryptocurrency Again in Scathing Review of Its ‘Failure’ as Money
Former Jefferies Asia CEO to Lead $1 Billion EOS VC Arm Former Jefferies Asia CEO to Lead $1 Billion EOS VC Arm
IBM Signs $740 Million Deal With Australian Gov’t to Use Blockchain for Data Security IBM Signs $740 Million Deal With Australian Gov’t to Use Blockchain for Data Security
Deadline for Implementing Indian Central Bank’s Ban on Crypto Dealings Ends Deadline for Implementing Indian Central Bank’s Ban on Crypto Dealings Ends
Collectable Crypto Game Introduces Personalized Artist-Designed Avatars Collectable Crypto Game Introduces Personalized Artist-Designed Avatars
Immutability in Doubt: Do We Need to Protect Blockchain Data? Immutability in Doubt: Do We Need to Protect Blockchain Data?
© 2018 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.