The cryptocurrency market has experienced an unexpected price increase in the last 24 hours. Most of the virtual currencies, including Ethereum (ETH) have skyrocketed. Among the top ten, Ethereum has been among the largest winners. This could be the beginning of the end of the current bear market that started back at the beginning of 2018 for Ethereum.
Ethereum Grows 15% in 24 Hours
It seems that the market has reached a bottom. Ethereum and other virtual currencies in the market started to grow very fast as we don’t see in a very long time. At the same time, trading volumes have also increased during this bullish day.
Among the top ten, the biggest winners are EOS, Bitcoin Cash (BCH) and Ethereum. They grew 21.2%, 18% and 14.76%, respectively. The whole cryptocurrency market has grown more than 8% during the same period of time.
These digital assets were followed by Litecoin (LTC) with an increase of 10.73%, Bitcoin (BTC) growing 7.51% and Stellar Lumens (XLM) with a growth of 6.34%
The main reason behind Ethereum’s growth is related to the Constantinople hard fork that will be including a large number of improvements for the Ethereum network. The estimated date for the hard fork is expected for March 1 at block number 7280000. The hard fork and these Ethereum Improvement Proposals (EIP) have been delayed several times due to different reasons.
There were some speculations that the hard fork was actually bearish for Ether. The difficulty bomb that is expected to results in a diminished was also suspended and delayed. Now, the block reward adjustment will reduce the ETHs received by the miners confirming transactions. This will also delay the Proof of Stake (PoS) implementation with the Casper upgrade. Now, this popular digital currency is moving towards $150.
Ethereum has been also growing during the last days as well, even when the market was operating flat. This could also have helped other digital assets to start growing in price as well.
At the time of writing this article, Ethereum is being traded around $145. It also has a market capitalization of $15.31 billion. Meanwhile, the leader of the market, Bitcoin, has reached $3,900. Bitcoin did not reach this price since the beginning of January 2019.
