Will Ethereum rise above bitcoin in 2018?
10 October 2017 Posted / 5693 Views
Ether has gathered momentum over the weekend, along with the prices drifting around a one-month rise. Ether prices, at present, are trending more than $311 for a total market cap for $29.6 billion. Ethereum is the world’s number second cryptocurrency, bitcoin being number one, by market cap. Ether prices have gained tremendously, approximately 3,600% since the beginning of January 2017, when a single token was priced in the single digits.The cryptocurrency pinnacled above $400 in June 2017 before reaching that mark again in September 2017. However, in mid-September, the prices plunged down to $250 due to the China’s ban on ICOs, since the majority of the ICOs in China run on the Ethereum blockchain. The ban has led the cryptocurrency prices to a big unification phase, owing to regulatory concerns related to the virtual currencies in China, due to which Chinese government has banned ICOs as well as cryptocurrency exchanges.
Ethereum’s Metropolis upgrade which has been expected for a long time is all underway. The hard fork for Byzantium the first phase in the update will happen at block 4,370,000, or approximately on Oct. 16. Ethereum core development team is hopeful that clients will upgrade the software which will ensure that there are no unplanned bifurcations. Clients are expected to do all the inevitable changes coinciding with Byzantium to assure that the upgrade is accomplished at the same time. This hard fork will establish developments to Ethereum, like making the network faster with lesser data restrictions. In addition to this, Byzantium which consists the first of the two releases in the wider Metropolis upgrade will branch out security measures as well as it will put into practices the new variables that probably create a path for advanced privacy and security on the network.
It can be seen that Ethereum is much more flexible, which provides a platform for smart contracts, and surely the one which develops very quickly, which leads to the quick changes in the price growth, which is evident from its assertive nature. Maybe, it is a big roar from Ethereum to bitcoin to step aside, since it is pacing so swiftly to supplant bitcoin because it has proved its mettle by handling the programmatic crisis.