For a coin that’s barely two years old, Ethereum is doing more than fine. Since its inception in 2015, Ethereum has been hitting the news lately due to how fast both in terms of price and value it has grown. In the past one month, its price has grown almost exponentially from around $10 to around $44 at the time of writing this article. Its market cap has risen from around $1.7 billion to more than $3.9 billion in just two weeks. Looking at these numbers, the growth of Ethereum so far this year has been formidable, to say the least. Ethereum is currently second only to Bitcoin among all cryptocurrencies and it’s only the second virtual currency after Bitcoin to have its value surpass the $3 billion mark.
Ether has once again gained the trading community’s attention, the growth explained above has influenced many investors to start viewing it as an addition to investment portfolios. Consequently, Ethereum has received support from one of the most unlikely marketing platforms that you can think of — the dark web — and to be more specific AlphaBay. AlphaBay is one of the most popular dark web platforms which allows anyone to buy all sorts of illegal substances. The Ethereum community and AlphaBay users were surprised if not shocked when an AlphaBay moderator said on Saturday that the popularity of Ethereum and the recent price hike showed a growing interest, therefore AlphaBay had made the decision to start accepting Ethereum for market place listing purchases.
The moderator also added that they were in the process of laying out the framework to make Ethereum acceptance possible and they would enable Ethereum deposits and withdrawals starting May 1, 2017. This was later confirmed via Reddit. This is not the first cryptocurrency that AlphaBay is supporting, it has previously done so for Bitcoin and Monero. Back in August, last year, when AlphaBay added Monero, a dramatic rise in the value of Monero was witnessed and ended up replacing Bitcoin as the cryptocurrency of choice. This move by AlphaBay had a great impact on the growth Monero experienced, such that it closed 2016 as the best performing Cryptocurrency.
However, with Ethereum, there are mixed feelings among AlphaBay users. You don’t require any permission to use Ether, anyone is free to use it just like AlphaBay users are free to use the internet and other commodities. The addition of Ether is, however, very surprising because of the less anonymous features it offers and the fact that it had to undergo a fork to to reclaim stolen money. Looking at the fork scenario from AlphaBay’s perspective, you would think that they would want to stay away from such things because they are usually very detailed. Users on Reddit have criticized AlphaBay’s decision to add Ethereum support because they see it as not having the same privacy features as Monero.
This move shows AlphaBay doesn’t really care so much about the ideology, but rather something that works. It’s unclear if Ethereum will experience a dramatic growth as a result of this decision as it was the case with Monero last year.