At press time, the second largest cryptocurrency in the world by total market capitalization is trading at a respectable price point of $213.56— thus showcasing a slight -1.88% decrease in its value since yesterday afternoon when the currency was being traded for just under $220.
ETH Gaining Traction Once Again After Recent ICO Dump
As was reported by Cryptomode yesterday, a recent study by Trustnodes showed that last fortnight’s market slump was triggered by a massive ETH selloff that was initiated by various ICO projects dumping nearly 300,000 Ether tokens within a span of 3 months. However, now that the effects of this sell-off have somewhat subsided, the currency once again seems to be heading in an upward financial direction.
The Ethereum Blockchain Is Still Plagued by Many Scammy dApps
Another reason for Ethereum’s dwindling popularity could be the presence of many fraudulent applications. For example, 333 ETH — one of the most popular apps built atop the Ethereum blockchain— seems to have all of the makings of a Ponzi scheme. The app makes outlandish claims all over its website and promises customers with “life-long payments guaranteed by the Ethereum blockchain!”. Not only that, even the description of how the dApp works has all of the blueprints of a scammy MLM (Multi-Level Marketing) scheme.
To further elaborate on how popular 333ETH really is, according to State of the DApps, a decentralized application ranking website, 333ETH is the third most popular dApp in the world— even ranked ahead of the hugely popular ‘CryptoKitties’.
Active Testing of Ether’s Constantinople Hard-Fork Set to Start Next Month
In another piece of welcome news for the Ether community, the Constantinople hard-fork is now all set to enter its ‘testing phase’ sometime next month (October). This latest upgrade will feature changes that will affect various niche’ aspects of the ETH blockchain including:
Alteration of the ecosystem’s native economic policy
Modification of Ethereum’s native consensus algorithm.
However, the exact date of Constantinople’s activation within Ethereum’s mainnet, or even live blockchain, remains to be determined at this stage.
After a tumultuous 10-day period of economic uncertainty, the global crypto sector finally seems to be seeing some sort of stability at last. However, how long the sunshine lasts this time around is still up for debate.
Technical Charts Courtesy of TradingView.com