您的当前位置:首页 > Comprehensive > 【what is ambulatory medicine on uworld】How Did Ethereum Take Over Ripple With 80% Gain in One Month? 正文
时间:2024-09-29 08:11:51 来源:网络整理 编辑:Comprehensive
ethereum eth cryptoOver the past 30 days, theEthereum pricehas risen from $83 to $150, by 80 percent what is ambulatory medicine on uworld
ethereum eth crypto
Over the past 30 days,what is ambulatory medicine on uworld the
Ethereum price
has risen from $83 to $150, by 80 percent against the U.S. dollar in a strong corrective rally.
On January 2, following a seven percent increase in its price,
Ethereum (ETH)
surpassed
Ripple (XRP)
to reclaim its throne as the second most valuable cryptocurrency in the global market.
How Did Ethereum Rise by 80% in 30 Days?
Two main factors have likely contributed to the short-term surge in the price of Ethereum in the past month: oversold conditions and the upcoming Constantinople fork.
From early November to mid-December, Ethereum experienced a steep decline in value as its price fell from $220 to $83. Despite its recent 80 percent climb, the asset is yet to achieve November levels and would still have to increase by an additional 46 percent to rise back to $220.
The market demonstrated oversold conditions subsequent to the sudden decline in the price of Ethereum from November to December, relieving sell-pressure on the crypto asset and allowing the asset to recover.
According to Alex Krüger, an economist and a cryptocurrency trader, the upcoming fork of Ethereum called Constantinople is increasing the demand for Ethereum, as the fork would reduce the block rewards of ETH from 3 to 2.
“Notable outperformance of ETH over BTC in the last few weeks. There’s a reason for it: the upcoming fork / supply reduction. Another BAKKT delay adds to it,” the trader
said
.
1/
#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.
https://t.co/4bbgAHMz7Z
— Alex Krüger
(@Crypto_Macro)
December 24, 2018
The reduction of the block rewards of ETH restricts the amount of ETH miners can generate, which in the long-term will lead to a gradual decline in the potential circulating supply of ETH. As the supply of ETH goes down and the demand goes up or remains the same, the ETH price is expected to increase.
On Christmas Eve of last year, Krüger added:
Story continues
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.
Krüger also pointed out in his analysis that in previous forks, Ethereum increased substantially in value. While the state of the market is significantly different than in previous instances, in consideration of the historical performance of ETH, the trader suggested that the Constantinople fork could contribute to the rise in the price of the asset.
“On the Homestead fork, ETH increased by 1150% in the two months prior (in both USD and BTC terms, as BTC was relatively flat during that period). Price started a 50% reversal the day of the fork. Not suggesting one should expect the same – different market, different times,” Krüger noted.
Ethereum (ETH) Best Performing Asset in December
ETH remains as one of the best-performing assets in December 2018, outperforming Bitcoin, Ripple, and Bitcoin Cash.
However, the valuation of the cryptocurrency market still remains at $130 billion and it is far from recovering to previous highs and as such, it is still too early to conclude that ETH has started to enter a mid-term bull rally.
Featured image from Shutterstock.
The post
How Did Ethereum Take Over Ripple With 80% Gain in One Month?
appeared first on
CCN
.
View comments
JPMorgan Increases Stake in China Securities Venture to 71%2024-09-29 08:03
U.S. CDC reports 1,827,425 coronavirus cases2024-09-29 08:02
Media Stock Earnings Roster This Week: DISCA, FOXA & More2024-09-29 07:53
Exclusive: StanChart says CEO Winters will stay to execute current strategy2024-09-29 07:44
Blockchain Industries Appoints New Board Members2024-09-29 07:21
Capstar Financial Holdings, Inc. (NASDAQ:CSTR) Passed Our Checks, And It's About To Pay A US$0.05 Dividend2024-09-29 06:11
GLOBAL MARKETS-Asian shares go flat as China data disappoints2024-09-29 06:08
Galleon Gold Acquires Additional Interest in the Neal Gold Project and Increases Previously Announced Private Placement2024-09-29 05:47
Americans See Record Fall in Consumer Spending, Savings Soar2024-09-29 05:42
Blockchain Industries Appoints New Board Members2024-09-29 05:27
Platinum Group Metals Ltd. Completes At-The-Market Offering2024-09-29 08:04
Patrick Downey Is The President of Orezone Gold Corporation (CVE:ORE) And They Just Spent US$108k On Shares2024-09-29 07:23
How Good Is Harvia Oyj (HEL:HARVIA), When It Comes To ROE?2024-09-29 06:57
Peru's president accuses AG of damaging big corruption probe2024-09-29 06:42
Should You Sell in May or Buy 5 Top Coronavirus-Immune Stocks?2024-09-29 06:28
Which Consumer Staples Stock Will Grow The Most By 2025?2024-09-29 06:28
5 Stocks With Decent Growth Potential to Watch Ahead2024-09-29 06:21
Rohingya must have choice on going to Bangladesh island - UN refugee agency2024-09-29 06:17
Dundee Corporation Declares Quarterly First Preference Shares, Series 2 Dividend2024-09-29 06:14