In blockchain technology, hard fork entails making a radical change to the protocol. Such change makes previously valid transactions and blocks invalid and vice versa. The process requires all users to upgrade to the newer version of the protocol software. Einsteinium announced that it would have a hard fork on its cryptocurrency on December 10th 2017.
Why did the price go up?
Just like Bitcoin Cash, many people hoped that the price of the Einsteinium would rise even higher after the hard fork. It can be said that a good number of people who are in the crypto market don’t understand the underlying technicalities of the currencies. Many people tend to buy or sell based on an announcement without necessarily looking into the technical data underneath. But that is beside the point. After Einsteinium made the hard fork announcement, the currency became one of the highest gainers of week 49. People rushed in to buy the currency in the hope that after the dust settled, the crypto’s price would skyrocket.
Why did the price drop?
Einsteinium is a good cryptocurrency which has seen growth over the past few months. It is based on solid grounds. It has a foundation which invests in education, research and crowdfunding. Still, the firm wanted to remove a ‘wormhole’ which was making the crypto not do as well as the developers wanted.
In the hard fork which was done on December 10th, the Einsteinium crypto got a better and updated core, increased security and better blockchain stability. The maximum supply of the coin was reduced from 300 million to 245 million. 216 million EMC2 are still in circulation. Much as this was a success, at least, to Einsteinium as a firm. The general public did not think so. The price of EMC2 did not go up as some people had expected and this led to a price drop.
What is the performance of Einsteinium?
Like in most of the cryptocurrencies in the market today, a scheduled announcement will always come with some buzz. Barely had the dust settled after the hard fork than Einsteinium made a promise to make another major announcement on December 19th. This saw the price of the EMC2 reach a high $2.73 on 18th December. Market cap reached a high of $591 million.
Once the algorithm change announcement was made, the market remained awash on that day. The price even reached a high of $2.66 and market cap touched $575 million. Once the excitement was over, the price started declining and on December 21st it touched a low of $1.43. The market capitalization also went down to a low of $310 million.
Is it a good time to buy Einsteinium?
Just like Bitcoin, the price of this crypto will often swing from highs to lows. This is especially so because there is no central government or commercial bank that controls the crypto market. The ups and downs of a crypto will mainly be determined by the willingness of the players to trade in it. The price of EMC2 is certainly going to stabilize. However, this might take some time.