The Byzantium Fork Will Hoist Ethereum Price Up to $400 – Future Prediction Within the Bullish Trend
While Ethereum price just broke the $300.00 mark successfully on Sep 27 (ETH against the USD is trading now at $305.62 with 5.64% gain in the last 24-hours) as the market restructures, however for the next catalyst for another upward climb could the Byzantium hard fork be.
Originally scheduled to take place on October 9, the fork was postponed to October 17 because, Ethereum founder Vitalik Buterin said that it was the smart thing to do.
The main purpose of the suggestion by Buterin was for a more successful fork adoption by the miners. Keeping in mind that the difficulty increased for the incentivize miners into changing towards another chain is not that high so network blocks are still mineable.
This will, in turn, foster a consensus around the fork, making it a permanent feature of the blockchain without any kicking and screaming.
The Byzantium upgrade will add up privacy features onto the ETH blockchain. The same type of development made Zcash or Monero very popular in the crypto-market and community.
As the list of upgrades grows larger, the attractiveness of Ethereum as a blockchain and cryptocurrency for future investors and traders.
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.
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.