The world’s second largest cryptocurrency according to market capitalisation recently underwent a hard fork . Since the launch date of Ethereum, this is the fifth Fork which has caused an upsurge in the crypto currency’s value by 6%. Termed as Byzantium, this hard fork was locked in at a block size of 4,370,000. Just as news regarding the successful implementation of Byzantium started spreading like wildfire, the price level of Ethereum jumped up to $351.67. Ethereum’s price has already increased by 12.81% in the last one week. This positive impetus moved in smooth sync with fellow cryptocurrency Bitcoin which has been creating new all-time highs.
Matt Newton, a market analyst working for eToro stated, “Long-term it’s hard not be excited as we’re still in the very early stages of what digital services savvy tech start-ups can create. With so many startups rushing to create decentralized applications, there will be strong demand for ether which will support the price.”
Iqbal Gandham, the managing director of eToro UK feels that, Bitcoin might soon follow Ethereum’s footsteps by developing smart contracts.
Starting off with just $8.07 during the beginning of this year, Ethereum has come a long way to reach triple digit figures of current market price $329 as on the date of publishing this article.. This signifies a 1.06% hike since the day’s start. Growing accessibility of cryptocurrency along with increased adoption of Blockchain technology amongst masses provided positive impetus to Ethereum’s price rise. Nasdaq’s Sweden branch is presently offering two ETN’s (Exchange Traded Notes) which can track the daily price movements of Ethereum.
The latest hard fork of Ethereum has received positive reviews because of the additional implementation of smart contract enhancements and security features to Ethereum’s Blockchain network. If reports are to believed then this fork will boost up transaction speeds as well as uphold privacy frontiers. Certain startups have already started using these enhancements for offering custom made solutions to various Wall Street clients which hike up both client and transaction confidentiality. In case the bullish trend of Ethereum market continues in days to come, then its price bend may soon cross $500.
The ICO craze has been the prime fueler of the Ethereum dreamrun. A large number of financial and tech giants around the globe such as Visa, Microsoft and IBM have been involved with Ethereum in one way or other. Visa has even come out stating that it is, “seeking a strong developer experienced with Ethereum and Blockchain architecture to be a part of a team tasked with building distributed application.” If this developer interest maintains its present pace by infiltrating into other business areas, then Ethereum’s gains will surely get multiplied in future times.
Also Read: Ethereum Founder Believes the Ethereum Technology May Soon Compete With Visa
Although Byzantium implementation was finally pulled off today, the same has been under developmental wraps since 2015. Nomenclatured as Metropolis, the roadmap sights a 2018 activity wherein another hard fork will give rise to Constantinople, another Ethereum form.
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