Ethereum hard fork goes off without a hitch, price largely unaffected

01 Mar, 2019
by David Borman
Ethereum
Ethereum hard fork goes off without a hitch, price largely unaffected

As was reported earlier by Chepicap, today saw the launch of the Constantinople (and St. Petersburg) hard fork of the Ethereum network. The fork has gone off successfully with no signs of technical issues or chain splits. However, the price of Ethereum has barely moved at all. Is there a reason for this and is it a good or bad thing for Ethereum? Let's take a look.

First off, let's take a glance at the Ethereum chart, on the hourly.

See where the hard fork happened? Me neither. That's because the price didn't respond, really at all. To be fair, if things hadn't gone well it may have been a very different story.

One thing to note about the lack of splash from the hard fork is that it isn't the only news that hasn't moved the market today or lately. For example, recently XRP was listed on Coinbase Pro and though it gave the price a bump, it was very minimal. Today the coin was also listed to Coinbase.com and the mobile apps, and the price barely moved at all.

Read more: XRP now available on Coinbase.com and mobile apps

Other recent news like the launch of a Facebook Coin and JP Morgan's JPM Coin failed to make much of a splash at all. These are the types of stories that would have driven prices nuts one or two years ago.

Perhaps the reason for the apathy is that these things are largely "priced in." That is to say, the market may have moved months ago when most of these stories were rumors, but now everybody already responded to them, before they were even news.

Back to Ethereum, the fact that the price is stable actually may be a good sign. It has been speculated that the reduction of the block reward could have a negative impact on the price, though in the long term a positive one. Now, nobody was saying it would hurt the price in just the first few hours, but the fact that fear hasn't driven the price down may be a positive sign for the inevitable rise down the line.

One thing that has been exceptionally positive is twitter. Despite being known for being critical at times, most either wanted to help spread useful information:

Or simply just celebrate and congratulate:

Though the price may not be moving, all the sentiment in the community is headed to the moon. The coming months for Ethereum should be very exciting!

WATCH: Coins BOOMING after Samsung S10 news! $ICX, $ENJ, $BAT PRICE TARGETS!

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Poll

Will Ethereum dip because of the block reward decrease?

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Add a comment

I hope the price will go to the moon! I hold coins on bitfinex. Want to earn on it.
01 Mar, 2019 - 07:30
we need moon! ethereum can do it
01 Mar, 2019 - 09:42

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