Ethereum Price May Be Falling But Number Of ETH Accounts Continues To Grow Daily
Despite Falling Prices, Ethereum’s Daily Account Total Witnesses An Increase
As many of our regular readers probably already know, intense bearish market conditions have persisted since the start of 2018. However, over the past few weeks, things seem to have worsened— with the price of ETH dropping to around $100 just a few hours back.
More On The Matter
As can be seen from the above displayed chart, Ether’s native hashrate has been reduced by half over the span of just six to seven months. According to some tech experts, this drop has primarily occurred due to the following reasons:
- Low value of projects on the platform
- Dropping prices of ETH
- Reduction in miner rewards
- Delayed Constantinople update.
For those of you who may not be aware of what the word ‘Hasrate’ means, it is essentially a term that is used to describe the speed at which miners are able to solve complex codes that are needed to verify transactions as well as mint new coins. In addition to this, it is also worth pointing out that the ‘Hashrate’ of a network is affected by a number of different factors including the number of miners, incentives etc.
Other Key Points Worth Noting
- A big reason for Ethereum’s reduced hashrate could be the currency’s delayed Constantinople upgrade that was all set to take place earlier last month. In this regard, it is worth remembering that as soon as it was announced that the above stated upgrade would be delayed by at least 30-45 days, the price of ETH plunged from a respectable $160 to around $103 per token.
- As per the estimations of some market experts, the increasing number of new daily accounts on the ETH network could be attributed to a potential bull run that is being linked to the upcoming Constantinople upgrade.
In closing out this article, it is worth pointing out that over the course of the past 24 hours, nearly all of the digital currencies placed in the top-10 (by total market capitalization) have remained in the ‘green-zone’. To be even more specific, Binance Coin (BNB) has witnessed gains of more than 15% since yesterday afternoon — thus allowing the altcoin to dethrone Bitcoin SV from its current spot.
It now remains to be seen how the future of Ether plays out from here on out— especially following the release of the Constantinople update that is slated to take place on the 26th of this month.