As ETH prices flirt with the $300.00 level (Ethereum to USD is at around $293.26, up roughly 0.368% in 24 hours), it’s our obligation to examine the next catalyst for Ethereum: the Byzantium hard fork.
Originally scheduled to take place on October 9, the fork was postponed to October 17 because, well, Ethereum founder Vitalik Buterin said that it was the smart thing to do.
Buterin is a messianic figure in the crypto community, so it wasn’t hard for him to convince everyone. “We’re not in an emergency situation,” he said to remind his fellow coders that time was a luxury they could easily afford right now.
He went on to argue that mining incentives will change as we drift further into the month, giving ETH miners a reason to switch onto a new blockchain.
This will, in turn, foster a consensus around the fork, making it a permanent feature of the blockchain without any kicking and screaming.
But what does the fork actually do?
In short, Byzantium incorporates privacy features onto the Ethereum blockchain. These features are what made other currencies, like Zcash and Monero, extremely popular in the crypto world.
Therefore, adding them to Ethereum will only expand the currency’s list of attractive qualities.
For many crypto enthusiasts, the Ethereum fork is the only Ethereum news that matters in the next month. It could very well spark a bullish rally to drive ETH prices back to their former level of $400.00, or it could take them further.
We hold to our medium-term Ethereum price forecast.
It envisions a scenario in which use-cases of decentralized applications are adopted in B2B functions first, creating a groundswell of invisible support for the currency. And as the market absorbs this uptick in commercial use, ETH prices will accelerate to $1,000, then beyond.
Also Read: Hold on to Ethereum for the Long Term