Ethereum continues to see a massive increase in contrast to the stagnant and continuous bearish trend of the crypto market. The recent gains experienced by Ethereum made it the best performing of the top cryptocurrencies in the past 30 days. Ethereum had seen gains as it attempts to recover the huge loss it took when the crypto market took a huge plunge in November.
The plunge that struck the crypto market in November saw the value of ethereum drop from around the mark of $220 to $80 and equally lost its position as the second-rated cryptocurrency to Ripple’s XRP within the same period. However, throughout the past three weeks, it has seen a considerable reversal in value as there has been about 80 percent gain. The gains from the $80 mark to $159 as at report time. Also, on the 2nd of January, the cryptocurrency overtook Ripple’s XRP, taking back its second position among other cryptocurrencies.
The Reason For The Drastic Gains of Ethereum
The drastic gains that the cryptocurrency has gained has made crypto enthusiasts to adduce the recent success to the impending hard fork that is already scheduled to take place on January 16.
Alex Krüger, an economist and a cryptocurrency trader, stated through a tweet on the eve of Christmas, 2018 that “Ethereum’s Constantinople fork is coming on block 7080000, around January 16, 2019. Constantinople will reduce the block rewards from 3 to 2, decreasing new ETH supply accordingly. On the long run, this is decidedly bullish.”
The historical record of Ethereum’s hard fork has led to an increase in its value afterward. Ahead of the hard fork, the cryptocurrency has seen a boost because of the possibility of positive gains after the hard fork has taken place.
Can Ethereum Surpass $200 Ahead of its Hard Fork on January 16th
The cryptocurrency increase to the value of $200 will see it near the mark it was in November 2018 before it took the deep plunge with other cryptocurrencies. This will make the cryptocurrency distinctive in the market.
The progress Ethereum has made in the past couple of days and the historical antecedent of increase after a hard fork has taken place has increased the interest of investors in the cryptocurrency ahead of January 16. With the recent move in the past days, reaching the mark of $200 before the set date at this point looks possible.