Ethereum’s Internal Strife Brushed Aside as ETH Growth Competes With Bitcoin
Ethereum has been a step or two behind Bitcoin for a while now. Since the crash of early August any recovery made by Ethereum has been bettered by Bitcoin. But as of Tuesday, Aug 28th, Ethereum;s growth is almost pushing ahead that of Bitcoin’s, as the market benefits from a 34% boost to global volumes over the last forty-eight hours.
Ethereum Growth Pushes Ahead
The difference isn’t huge at the time of writing, but as of 11:00 UTC Ethereum has recorded just over 4% growth for the day compared to Bitcoin’s 3.85%, with those numbers fluctuating by the hour.
This is a morning in which the crypto community woke up to find Bitcoin exceeding the $6,900 range – a sight not seen since before the dip of early August. While BTC will in all likelihood grab the lion’s share of the headlines, Ethereum is finally making some headway as it seeks to escape the high $200 range that it has been mired in of late.
After reaching a twenty-four low of $276.21 late on Monday, Aug 27th, Ethereum initiated a swift reversal which saw an overnight spike to the tune of 4%.
That surge took ETH to a high of $287.46. The surge coincides with a 34% influx into global markets over the last two days, and while Ethereum seems to have benefitted from the increased activity, relatively little of of the trade volume found its way to ETH.
The rise in trade volume from $1.2 billion to $1.4 billion does amount to an over 16% increase, but compared to other altcoins that percentage increase doesn’t amount to all that much.
The most popular exchange for ETH trades today is Binance, where ETH/USDT makes up just under 3% of the daily total, or $77 million worth. Yet huge amounts of the daily volume have been excluded from CoinMarketCap’s readings, with over $1 billion’s worth excluded from BitForex, DOBI Trade, and CoinBene alone.
Ethereum’s Internal Hardfork Strife
As per last week’s Ethereum Core Devs Meeting #45, live streamed on Youtube, the development team behind Ethereum are still undecided on the direction the blockchain should take in the lead up to the second hardfork of the Metropolis era, known as Constantinople.
Current concerns revolve predominantly around the prevalence of ASIC mining, how best to distribute block rewards, and the difficulty setting on the ‘difficulty bomb’.
Many of the the current Ethereum Improvement Proposals (EIP’s) put forward by the dev team are contradictory, and none of them are forwards or backwards compatible with the current blockchain.
With an October launch date for the Constantinople hardfork just over a month away, Ethereum’s internal transformations could ultimately be reflected in its coin price, for good or bad. In recent years each new Ethereum hardfork has been greeted by an accompanying ETH price surge, so expect to see fireworks of some kind come October.
Featured image courtesy of Shutterstock.