Ethereum Price May Rise Due To Upcoming Constantinople Upgrade Ethereum Hardfork

by | Dec 26, 2018 | Cryptocurrency, Cryptocurrency News

Ethereum | Constantinople Upgrade | Ethereum Price | ETH

Ethereum News: 2018 haven’t have been kind on Ethereum (ETH) to say the least, it has lost more than 92% of its value since the beginning of the year.  However, during the last few days, Ethereum has managed recovery from $81 up to $150, the token is expected to rally further as its much-awaited Constantinople upgrade is just around the corner.

A cryptocurrency analyst Alex Krüger took to his Twitter account and explained how the latest upgrade that is scheduled for January 2019 could be very bullish for the ETH. For one, the upgrade reduces block rewards from 3 to 2 ETH, thus decreasing ETH supply creation.

He went on to state that current bull run that ETH experienced against Bitcoin could be related to Constantinople. However, even after a short spike when the upgrade was decided, the ETH price kept falling for a few days more. Krüger explained that this could also be related to the fact that Joseph Lubin, the co-founder of Ethereum, called for the crypto bottom this year.

Furthermore, he added that the other network upgrades on Ethereum have had different effects over its price. So, it cannot be predicted what will happen in case of Constantinople. However, after the upgrade, if ETH is being traded around $155, only pro miners with electricity above $0.075 would be operating at a loss. As for the smaller miners, they could be operating at a loss or profit, not changing the equation much as some enthusiasts do not care about profits.

At the time of writing this article, Ethereum is being traded around $142. It also has a market capitalization of $14.79 billion. Since its bottom, Ethereum was able to register a price increase of 75%. However, the virtual currency remains almost 90% down from its all-time high registered at the beginning of the year.

Read more: Here Is Why Ethereum Price Rose From $85 To $135 In One Week

 

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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