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The new year started positively for a lot of cryptocurrencies, including the top 10 coins, many of which have seen a substantial price increase in recent days. After an extremely bearish 2018, many in the cryptic world have been looking forward to a bit of positive development, even going so far as to expect a large-scale upward trend.
While this is definitely not what is happening right now, some of the taller coins have expressed a subtle desire to grow again.
Ethereum showing signs of growth
Ethereum (ETH) is one of the best examples of this, since the currency showed a slight increase during the first week of 2019. Despite some minor decreases in the last eight days, ETH is largely growing. The price has risen by about $ 25 in the previous week, which some analysts have taken as proof that the currency is ready to grow again.
Like all other cryptocurrencies, Ethereum is also strongly influenced by Bitcoin, and BTC still dominates the market with more than half of the total capitalization of the cryptography market. At the time of writing this article, the market, including Ethereum, is once again declining slightly. However, since nothing critical has happened recently in the encrypted world, this could just be the natural attempt of the market to find stability.
However, things are about to become interesting for Ethereum, as the currency should have up to three hard forks over the next few days. The forks will come as a result of new upgrades, one of which should introduce new changes in the operation of the ETH network and address the scalability problems of the blockchain.
Considering the fact that the November fork of the BCH is still very fresh in investor memories, many of them are waiting to see what potential consequences could emerge from the forks of Ethereum. In addition, analysts have noted that a price drop is not unusual after similar events, especially if new coins emerge from the split.
It remains to be seen whether these predictions will come true or not. Even so, many remain optimistic about the forks, stating that the ETH network will likely emerge stronger.
At the time of writing, the price of Ethereum is $ 150, after recording a decrease of 4.14% in the last 24 hours. However, as mentioned, this could only be the next of a series of small drops that come after a small price increase that ETH recorded in 2019. The currency is still the second largest in terms of market capitalization , after detecting his position from XRP, who managed to resist for over a month and a half.
The trading volume of Ethereum in the last 24 hours is still quite high, reaching around $ 2.4 billion. In comparison, the volume of Bitcoin trade is $ 4.94 billion.
It is not yet clear where the coin will go from here and how it will behave after the execution of the hard forks. However, significant changes are expected to arrive at the Ethereum ecosystem the following week, and ETH investors will likely follow the project closely during this period.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
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