Wednesday, February 19, 2020

Ethereum’s Price Remains Unaffected Despite Constantinople and St. Petersburg Upgrade

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Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

News about network upgrades are known to either spike or pummel the price of a cryptocurrency. Whether the news is true or false, two years ago, it would have been enough to significantly shake the market. However, this was not the case with Ethereum prior to, during, and after the Constantinople and St. Petersburg upgrade.

Ethereum Hard Fork Rescheduled on January

Ethereum’s second half network upgrade known as the Constantinople was first scheduled for January 17. Two days before the fork, Chain security, a Zurich-based smart contract audit company revealed that it has been postponed due to “reentrancy attack”. But then, what we are more interested in is how the market reacted before and after the announcement.

Ethereuem’s price prior to January 15 was fluctuating around $150, and after January 17, we see a price trend of around $120. Nevertheless, a lot of factors could have contributed to the decline in price other than the rescheduled network upgrade. For instance, Bitcoin’s price on January 10 had dropped from about $4,000 to around $3,600.

Unnoticeable Change in Price During and After the Hard Fork

On the other hand, when the hard fork finally occurred yesterday, February 28, there was no noticeable change in price. The virtual currency which opened around $136 also closed at the same price even though its high for the day was $138. What was expected, is a sharp spike or dump in price for a couple of hours as is usually the case.

Specifically, there were expectations that there will be a drop in price given that the reward for finding a block has been reduced. Now if this was two years ago, the market’s performance would have gone according to predictions. This can be attributed to the fact that it is largely driven by fear and speculations.

XRP’s Listing on Coinbase Impacts Insignificantly on Price

Asides from Ethereum, Ripple’s XRP, the third most popular cryptocurrency based on Coinmarketcap’s platform, was listed on Coinbase Pro and Coinbase.com cryptocurrency exchange. While the price did kick in, it was a significant one. The virtual asset’s performance also goes contrary to the market’s perception when a popular currency is to be listed on a reputable exchange.

The same can be said about trending news yesterday about a proposed Facebook coin which will be launched by the first half of 2019. A cryptocurrency from the most popular social media should be enough to positively shake the market, but this was not the case. An instance is the case of Basic Attention Token (BAT), a coin used for the Brave web browser which gained 25 percent in price after being listed on Coinbase Pro.

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