Ethereum (ETH) now has a US$29 billion market capitalization, second only to Bitcoin’s US$102 billion. Currently trading ~US$500,000 a day across all exchanges, behind both Bitcoin and Bitcoin Cash.
The effect of the Byzantium hard fork continues to take shape on the network. Miners were rewarded with a difficulty adjustment but also lost some of the previous block reward, from 5ETH to 3ETH. These adjustments were done in part to combat Ethereum’s inflationary curve, as well as prepare for a network which uses pure PoS in the future.
The sharp decrease in difficulty, which hash rate unchanged or slightly higher, means that block times have also decreased substantially, down to around 14 seconds. A decreased confirmation time per block allows for increased total transactions per day, which broke an ATH of 570,000 transactions on October 20th. The network is currently better positioned to handle the volume of large ICOs like Filecoin and Tezos.
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