ETH/USD: ETHEREUM BUOYANT AHEAD OF BYZANTIUM HARD FORK
Ether prices rose in volatile trade on Monday, as the blockchain community awaited the highly anticipated Byzantium hard fork.
The ETH/USD exchange rate rose 4% to $347.00, according to Bitfinex. Prices traded between $333 and $348 overnight.
At current values, Ethereum’s total market cap is just north of $33 billion.
Ether prices have gained more than 13% over the past week as part of a broader rally that was inspired by bitcoin. The world’s no. 1 cryptocurrency approached $5,900 last week to shatter all-time highs.
The ETH/USD is trading at a new monthly high, and could be poised for a bigger breakout following the successful implementation of the Byzantium protocol. The hard fork will occur at block 4,370,000, or roughly 16 October, based on current mining speeds.
Byzantium is just one of two hard forks that will be implemented under the Metropolis upgrade. No timetable has been given for the second hard fork, which is called Constantinople.