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Ethereum [ETH] rises again in the wake of Constantinople and Petersburg hard fork

Ethereum [ETH], the second largest cryptocurrency by market cap, is rallying again with the support of the Constantinople hard fork. The hard fork is scheduled to take place towards the end of this month and this is the second time the cryptocurrency has surged in light of the impending hard fork.

According to CoinMarketCap, at press time, Ethereum was trading at $136.85 with a market cap of $14.35 billion. The cryptocurrency recorded a trading volume of $4.89 billion and has surged by over 10% in the past 24 hours and 12% in the past seven days.

Ethereum price chart | Source: Trading View

Ethereum price chart | Source: TradingView

The highest trading volume for the cryptocurrency is pouring in from OKEX via the ETH/ BTC pair which has a trading volume of over $200 million. The second highest trading volume for the coin is recorded on DOBI exchange, with around $197 million. The other three exchanges in the top five are ZBG, Coineal, and BW.

Moreover, Ethereum is not the only coin to gain momentum in the market. Even though the coin holds the title of the biggest gainer overall, the second coin in the top ten trying to match up to the coin is EOS, the fifth largest cryptocurrency in the market. The cryptocurrency is currently showing a rise of over 5% in the past seven days.

In the top 20 coins, Maker, the sixteenth largest cryptocurrency has has seen a rise of over 19% in the past seven days and 8% in the past 24 hours. At press time, Maker was trading at $556.74 with a market cap of $556.74 million and has a trading volume of $1.09 million.

READ: ICOs Could be Forced to Pay Back Millions Following SEC Ruling

Ethereum was in the news recently after it was reported that it faced a significant drop in terms of transactions per block since the beginning of 2018. The report showed that the coin’s transactions per block has dropped by a whopping 94%, showing the massive impact the bear has had on the coin.

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

I am a believer of the HODL philosophy because we are still in the nascent stage of blockchain technology. Although we are in a bear market now, my outlook on the adoption and growth of blockchain solutions remains unchanged. Blockchain transactions has been growing exponentially and demand for cryptocurrency like Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Litecoin [LTC] and other Altcoins will only continue to grow exponentially in the next five to ten years.