Ethereum (ETH) has finally managed to return to its position of a second largest coin by market cap, after spending a month and a half in XRP’s shadow.
The project expects a busy month as there are several hard forks that Ethereum’s network will undergo in mid-January.
After almost two months of being in third place on the coin market cap list, Ethereum (ETH) has finally made its comeback. Today, January 2nd, ETH managed to surpass XRP as the second largest cryptocurrency.
For months now, the crypto community speculated about the future of ETH, with some claiming that the coin’s glory days are over. Others remained convinced that ETH will bounce back, and while retaking its place from XRP is a significant milestone, it might only be the first step for ETH, in anticipation for a hot January.
As of now, Ethereum seems to be advancing at a steady pace, with the current ETH price $150 per coin, after seeing an 8% increase in the last 24 hours and over 80% in two weeks. Ethereum’s market cap is $15.6 billion, while Ripple’s is $14.9 billion.
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The Top 5 Crypto Coins. Source: Coinmarketcap.com
What Does The Short Future Hold for Ethereum?
The Ethereum community remains optimistic regarding the coin’s future, and so far, their hopes are seemingly coming true. Ethereum is getting ready for a busy January, as there are several hard forks that the coin is expected to have.
The Classic Vision Hard Fork is expected to provide all ETH holders with 3 ETCV coins for each ETH that coin holders possess in their wallets. The Nowa Fork will grant ETH holders with an ETN coin for each ETH in coin holders’ possession, while the Constantinople Fork, which may even occur earlier than January 16th, remains the most significant one, as it will play a large part in Ethereum’s transition to PoS protocol.
Hard Forks To Improve ETH Ecosystem
Ethereum is responsible for the still-growing popularity of dApps and smart contracts, and it revolutionized token creation by allowing other tokens to develop on its blockchain.
With several hard forks almost ready to be performed, investors are wondering what to expect. While the forks can be beneficial to Ethereum, there is always the danger that they will weaken the network by splitting into new coins. The possibility is quite real, and the incident revolving around BCH hard fork in mid-November is still fresh in investors’ memory.
Having the same type of an incident would make it very difficult, if not impossible, for Ethereum to handle the competition. Even if the forks occur without any conflicts, it is still nearly impossible to predict the potential consequences, especially when it comes to long-term predictions. Experts’ forecasts claim that significant volatility can be expected in days following the forks.
For now, there are no certainties, and most of the new development will be known after the forks take place. For now, at least, Ethereum is handling itself quite well, and the new year has started on a positive note once more.
