The cryptocurrency market may have ended the month on a rather downbeat tone, but it is worth pointing out that Bitcoin is up around 10% in February, while Ethereum is up nearly 3 times that. The upgrades to the Ethereum network, otherwise known as the Constantinople and St. Petersburg hard-forks, will take place at the exact same block number – 7,280,000 (sometime on the 28th of Feb). Once activated, the upgrades will reduce block reward issuance from 3 to 2 ETH, and, for those interested, users can monitor the progress in real-time using a developer tool known as the “fork monitor”.
30-day price change. Source: coin360.com
XRP is the sole underperformer, ending the month with only marginal gains. The lacklustre performance is in part due to the release of the JPM coin which, given the lack of XRP/Ripple adoption across the financial industry, points to the need to re-assess the potential adoption rates in the future. There is a risk that banks will come together and create an industry unique, private blockchain, thereby removing the need to rely on any of the tools or platforms that have been designed and tested by fintech related ICOs (including XRP/Ripple). Still, it was the news that Coinbase will finally list XRP coin that allowed one of the largest crypto assets by market cap to finish the month in the green.
Finally, even though markets have rebounded from 2018 lows, the cryptocurrency mining community remains in an incredibly fragile state. A number of operators closed down over the course of 2018 and it is likely that we will see another round of closures this year.
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