Ethereum supporters are anticipating the upcoming Constantinople hard fork scheduled to launch on the 16th of January. The hard fork will occur at block number 7,080,000 and is believed to be the largest upgrade for the network. According to a famous cryptocurrency expert Alex Krüger, Constantinople upgrade will be very bullish for Ethereum and can greatly affect the currency.
The much-awaited hard fork has already received a green light from everyone in the community. Moreover, it has received support from Binance, the largest cryptocurrency exchange by adjusted volume.
Binance Will Support the Upcoming Ethereum Constantinople Hard Forkhttps://t.co/Jt91lT7hdY pic.twitter.com/OTr8fNOLr8
— Binance (@binance) January 3, 2019
The exchange asked ETH holders to allocate enough time for deposits to be fully processed before the block height 7,080,000 is achieved. The announcement reads:
“Binance would like to confirm support for the upcoming Ethereum Constantinople Hard Fork. Please leave sufficient time for deposits to be processed in full prior to the block height shown below. We will handle all technical requirements involved for all users holding Ether in their Binance accounts.”
Binance further added:
“Should there be any other hard forks or airdrops during the Constantinople hard fork period, we invite these respective project teams to contact us at [email protected] for further discussion.”
Binance is known as the most trusted among investors within the digital asset community. Targeting institutional investors, the exchange launched a new sub-account feature for institutional traders to let them create multiple accounts under one profile. The new feature includes an updated dashboard panel that offers comprehensive balance reporting, account management, asset management, order management, transfer history, and login history options.
Ethereum to Make Gains
Obviously, support from Binance is very important for the upcoming Ethereum hard fork. Before New Year, Ethereum was at the third position in terms of market capitalization. But soon, due to the certainty of the hard fork that will involve significant enhancement to the network, the currency saw a price hike. Its market capitalization increased, and Ethereum crossed XRP, acquiring the second position on the top-10 list.
At the moment of writing, Ethereum trades at $153.63, which is an 84.3% increase in fewer than three weeks when compared with the $83 value witnessed mid-December. The price made an incredible rise from January 1 from the support at $130 and tested the resistance at $160. Currently, its market cap makes up $15.9 billion, and Ethereum takes a confident second position after Bitcoin.
With another 2 weeks to the hard fork, the digital asset might continue to make gains in the crypto market, as the crypto community is excited and curiosity around the event is growing.
The decision to launch the Constantinople hard fork was made by Ethereum’s developers during a bi-weekly meeting held on December 7. The fork will improve the network and means significant changes, bringing in five EIPs, which will permanently alter the network with new backward-incompatible upgrades.