- Ethereum network is moving closer to the vital upgrade.
- ETH/USD is under pressure as the market is edgy.
Ethereum network is getting closer to the vital Constantinopole upgrade. The community is nervous ahead of the event, though the developers are "cautiously optimistic".
According to the statistical data from Etherenodes.org, the resource that tracks the number of nodes that updated their software, only 16% of miners adopted Constantinople by Saturday, January 12. However, Peter Pratscher, the CEO of the biggest ether mining pool Ethermine, believes that the data is not correct.
“Miners are prepared. Only miners can split the chain. We expect most of the not-updated nodes to be updated by the time the fork block arrives,” Afri Schoedon, release manager for the Parity ethereum client said.
While Constantinople is considered to be a scheduled update not disputed by community members, there is always a risk that something might go wrong. for the network to function normally, all nodes should install the new version of the software. If a relatively big number of miners fail to do that by the time of the system upgrade, the network will be split into two separate chais. In other words, we will have a fork. That's what happened when Etehreum developers decided to implement a questionable update after the DAO collapse in summer 2016.
Constantinople is a part of a large scale Ethereum upgrade known as Metropolis that will allow to take the network to Proof-of-Stake algorithm and implement five Ethereim Improvement Proposals (EIPs). Most of them are general improvements approved by the majority of the developers' community.
Ethereum has been a big loser lately. The coin has lost over 26% of its value in recent seven days and touched $114.60, which is the lowest level since December 27. The coin is vulnerable to losses until the risk event is out of the way, Watch out for $100.00 handle as it may pop up in front of ETH/USD sooner rather than later.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.