Ethereum Loses its Lead as the Constantinople Update Approaches

In the last weeks Ethereum led the cryptocurrency market but Bitcoin took the position today.

Ethereum was pitched as a decentralized platform that is able to run and complete smart contracts. Those contracts are programs that can be executed without downsides like censorships, fraud or hacking attempts from third-party entities. The initiative allows users create a digital token that can be used for several purposes. The project was released in August 2014 by the Etherum Foundation, an NGO from Switzerland.

Bitcoin rose dramatically after the ETH/BTC pair reached 0.041. This led to an accelerated transfer of assets from Ethereum to Bitcoin and boostest the latter by 5%.

Daily crypto stats

BTC/USD trades reached $4013 but the growth may slow down in the following days. The coin may be able to reach a new price level this year but the decline that took place in 2018 is still felt. The price congestion rate will play a huge role in the equation since BTC/USD should reach $5,874 in order to mark a constant positive trend.  If a massive sell occurs two support levels will mitigate a free-fall in the case of a price drop to $3,590 and $3,273 respectively.

ETH/USD is trading for $153.90 after reaching a peak of $163.74. ETH is strong and is likely to grow exponentially after the release of the Constantinople update. The target tier, for now, is $170 but some sources anticipate a climb to $260(which includes price congestion resistance). Three support levels are also considered, namely $142, $125 and $95.

The exchange rate for XRP has slowed considerably, reaching a price level of $0.3684. The currency has been stuck at the $0.37 point for two weeks and the current trend seems to be negative.  Three support levels will hamper the decline if the coins go down to $0.345, $0.32 and $0.297. Some hope that the price will get stronger in the following months but that remains to be seen.

Fergus Reynolds

Fergus Reynolds joined Crypto Daily Gazette as managing editor in January of 2018 and is helping to lead the digital media startup’s next phase of expansion. A veteran business journalist with more than 10 years experience economics, Fergus has published content for Huff Post and Buzz Fee and was among the earliest journalists covering bitcoin and the innovations it later inspired. Fergus tells us he has “several” bitcoins.

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