Ethereum had started off 2018 with a bang after reaching its highest recorded value at around $1400 in mid-January. But, it soon followed all the other cryptocurrencies as it went on a steep fall to $80 last month.
But, the scene doesn’t seem too bad for Ethereum right now as the value has now gone up to $150. This is an 80% increase in the last 30 days.
This means ETH has finally taken over Ripple’s XRP to be the second highest cryptocurrency in terms of market capitalization.
The below graph shows the variation of Ethereum in the last 30 days.
It can be seen that ETH almost touched the $80 mark just a few weeks ago, whereas right now, it is closer to the $160 mark. This means an almost 100% increase. The Market Cap of the cryptocurrency is currently at $15,819,999,172.
Many have claimed the reason for the rise in value and market cap in Ethereum is due to the scheduled Hard Fork that will be happening this month.
According to an open meeting between the Ethereum Developers, the Ethereum blockchain will fork once the block reaches 7,080,000 which many predict to be around 15th January.
The fork will allow for the network to be faster and easier to use and have thus attracted a large number of crypto enthusiasts(notably ETH enthusiasts) to invest in the crypto again.
2019 has certainly started positively for the bearish Crypto Market as most cryptocurrencies have seen a slight rise in the last 48 hours.
Whether this year could be the year for crypto, we will have to wait and find out.
You heard this first from Bank of Hodlers.