The cryptocurrency market has been riding high lately, with Bitcoin hitting an all-time high and other currencies doing quite well in their own right. As October winds to an end, investors are showing elevated levels in Ethereum as well, even as a looming fork appears on the horizon.
In just a few days, there will be a significant upgrade in the world of Ethereum, what many are calling the largest upgrade ever. There is always trepidation when these upgrades appear, but Ethereum fans seem to think that the second largest cryptocurrency in the world will be able to avoid past mistakes.
The prevailing wisdom seems to be that nothing will happen on October 15 and that the Ethereum market will continue on its upward trajectory. There is indeed reason to believe that nothing much will happen, and if experience is any indication, the Ethereum bulls will be proven right.
It is significant to know that there have been a number of hard forks in the past, and those changes did nothing to impact the value of Ethereum and other popular currencies. The same has been true in the Bitcoin market, with a widely anticipated hard fork doing nothing to slow the growth in the per coin price.
Also helping the Ethereum market is the nature of the upcoming changes. Far from hampering the cryptocurrency and its ability to act efficiently, the anticipated upgrades are designed to make Ethereum faster, lighter and even more private.
That is a big deal, especially for cryptocurrency fans who argue that Bitcoin and other competitors have become less transparent and less private in recent months. As a result, many privacy advocates have already moved to Ethereum, and the upcoming changes are likely to accelerate that movement.
There are a few worries about the looming upgrade, and some are expressing concern that this change will be different than its predecessors. There is always worry when a cryptocurrency changes the way it operates, and there is always a risk that something will go catastrophically wrong. Ethereum bears have seized on these worries, arguing that this time really will be different.
At the same time, Ethereum fans have expressed an enormous amount of confidence, sending the price of the cryptocurrency soaring in advance of the upcoming hard fork. They argue that Ethereum has already experienced three hard forks and that each of those hard forks has gone off without a significant complication.
Ethereum fans also point out that one of those hard forks was done on an emergency basis, and that if anything could have gone wrong, it would have happened then. They feel that if the emergency hard fork did not crash the Ethereum market, a carefully planned upgrade to the cryptocurrency would be nothing but good.
Only time will tell which side of the Ethereum bull/bear argument is right, but one thing is certain – the cryptocurrency market continues to be a fascinating place, one that is attracting new investors, and new adherents with every twist and turn.