The new year has started positively for a lot of cryptocurrencies, including the top 10 coins, many of which have seen a noteworthy increase in price during the last several days. After an extremely bearish 2018, many in the crypto world have been looking forward to a bit of positive development, even going as far as to expect a full-scale bull run.
While this is definitely not what is happening right now, some of the highest-ranking coins have been expressing a subtle desire to grow once more.
Ethereum showing signs of growth
Ethereum (ETH) is one of the best examples of this, as the coin experienced a mild grow during the first week of 2019. Despite a few minor drops in the last eight days, ETH has mostly been growing. Its price climbed up by around $25 in the previous week, which some analysts took as proof that the coin is ready to grow once again.
As all other cryptocurrencies, Ethereum is also heavily influenced by Bitcoin, and BTC still dominates the market with more than a half of the crypto market’s total market cap. At the time of writing, the market, including Ethereum, is once again experiencing minor drops. However, since nothing critical has happened in the crypto world recently, this might just be the market’s natural attempt at finding stability.
However, things are about to get interesting for Ethereum, as the coin is scheduled to have as many as three hard forks in the next few days. The forks will come as a consequence of new updates, one of which is expected to bring new changes to the way ETH network operates, and tackle the blockchain’s scalability issues.
Considering the fact that the BCH November hard fork is still very fresh in investors’ memories, a lot of them are waiting to see what potential consequences might emerge from Ethereum forks. Furthermore, analysts have noted that a drop in price is not unusual after similar events, especially if new coins emerge from the split.
Whether or not these predictions will come true remains to be seen. Even so, many remain optimistic regarding the forks, stating that ETH network will likely emerge strengthened.
At the time of writing, the Ethereum price is at $150, after experiencing a 4.14% drop in the last 24 hours. However, as mentioned, this might be only the next one in a series of minor drops that arrive after a small price boosts that ETH has been experiencing in 2019. The coin is still the second largest one in terms of market cap, after taking over its position from XRP, which managed to hold on to it for over a month and a half.
Ethereum’s trading volume in the last 24 hours is still quite high, being at around $2.4 billion. In comparison, Bitcoin’s trading volume is at $4.94 billion.
It is still unclear where the coin will go from here, and how it is going to behave after the hard forks are performed. However, significant changes are expected to arrive at Ethereum’s ecosystem in the following week, and ETH investors will likely keep a close eye on the project during that time.
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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 thorough research before investing in any cryptocurrency and read our full disclaimer.
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