ETH Price Stable After Istanbul Hard Fork: Analysis

ETH price stable after the long-expected upgrade- the Istanbul hard fork as most of the 20 cryptocurrencies are reporting small gains on the day by press time. As per the ETH news, the benchmark cryptocurrency is hovering around the $7,750 mark again and the price got down by 0.2% on the day so let’s see further into the analysis.

At the start of the weekend, the crypto market analyst Alex Thorn noted that the total number of on-chain Bitcoin addresses holding bitcoin amounts reached a new record of 28.39 million. The crypto market sentiment keeps the ETH price stable since it is holding onto the position as the largest altcoin by market cap standing at $16.3 billion.

Coin360 data shows that the price of ETH has seen an increase in value by about 0.11% over the past 24 hours and at press time ETH is trading around $150. On the week, the coin gained about 1.35 percent of value. Overall, the price of the altcoin remains unaffected by the upgrade to the software which was introduced with the latest Istanbul hard fork. Some of the members of the crypto community express confusion and surprise over the lack of reaction on the price of the asset:

Coin360 data shows that ETH has seen its value increase by about 0.11% over the last 24 hours. At press time, ETH is trading around $150. On the week, the coin has also gained about 1.35% of the value.

 “I really don’t understand ethereum doesn’t go up today.”

XRP’s price has also increased by about 0.69% over the past day and it is now trading at around $0.227. Over the week, the price of the coin increased by up to 3.18% and Ripple’s XRP is now the second-largest altcoin with a market cap of $9.9 billion at press time. Among the top 20 cryptocurrencies, the only one that reported double-digit gains is Algorand (ALGO) which has seen the value of the coin increase by more than 10 percent over the past 24 hours to press time. The total market capitalization of all crypto is near $205 billion which is a 2.4% increase than the value reported a week ago.