On the last day of February, the Constantinople upgrade and fork of the Ethereum blockchain finally went live after a couple of delays. The implementation of Constantinople, also known as Ethereum 2.0, has been successful in terms of technology, but traders have been mostly disappointed with the effect that the fork has had on the cryptocurrency markets.
The Expected and Unexpected
Recent ETH volatility was expected by many analysts, but they thought it would have been bullish. As of March 2, expectations have been lowered, and the trading range between $128 and $135 could continue for a few more days. Technical analysis has played a strong role with regard to ETH pricing action because many traders who took long positions in late 2018 decided to take profits around the $160 mark.
Despite the disappointing market performance, the Ethereum blockchain and digital currency network is still the world’s most valuable distributed ledger system. Bitcoin may still lead in terms of market capitalization, currency exchange value and trading volume, but Ethereum is the most widely used digital currency platform. The future of this blockchain is brighter than Bitcoin’s, but ETH has not managed to establish itself as a circulating token, a challenge that is faced by virtually all cryptocurrencies. When central banks wish to make a digital version of their fiat currency, the blockchain they choose is invariably Ethereum.