Led by Bitcoin (BTC) rising to all-time highs along with much of the wider cryptocurrency market, Ether (ETH) continues to climb to all-time highs on Wednesday as the currency rallied to its $ 2,400 line for the first time.
The Ethereum network is scheduled to update the next day or so when the blockchain reaches block number 12,244,000. At the time of publication, the blockchain in block was 12,237,070. Based on the current average blocking time of 14 seconds, the update is ready to run on Thursday around 12.00 (UTC +1). The upgrade, dubbed “Berlin”, will include several technical changes aimed at improving the network’s profitability.
Ethereum prices peaked at $ 2,397 across multiple exchanges on Wednesday after rising 10.8% in 24 hours, according to data from CoinMarketCap. Ether rose 22.4% during the week, while the coin price rose 110% during the quarter – a number that will be most evident in less explosive conditions in the alt currency market of late.
The Berlin Update will be rolled out in the form of a hard fork – an irreversible change to the blockchain protocol. The hard fork has not been challenged, which means that ideological differences in society will not lead to the formation of a new currency – as was the case with Ether and Ethereum Classic (ETC) in 2016.
Hard forks won’t affect everyone who stores Ether in wallets or exchanges, but miners and Ethereum contract operators will need to update their software to sync with the latest version of the chain. EtherNodes.org data shows that 72% of Ethereum clients have reached Berlin’s readiness state in anticipation of a severe split.
Speculation about the potential price of short-term ether has shifted from extremely optimistic (and certainly not crazy) to conservative and measured.