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ETH 2.0 is set to be launched on 01 Dec 2020 as per the schedule.
Ethereum price is expected to get a major push which may rally above $1K
Altcoin Season may also get a bigger boost with the successful functioning on ETH 2.0.
Ethereum Node Count Overtakes Bitcoin
The Ethereum node has overtaken that of Bitcoin in just a month, showcasing an increase of activity on the Ethereum blockchain. The Ethereum nodes touched 11,162 which is the highest currently compared to that of 11,340 of Bitcoin nodes.
Nodes play a vital role in verifying a transaction on a blockchain. Increase in the nodes signifies, the increased activity, which in turn indicates increased confidence and trust of the users on the Ethereum blockchain.
The sudden spike in the Ethereum nodes is recorded when the ETH 2.0 Phase 0 is all set to launch and go live on 01 Dec 2020. The increase was expected as the ETH price is also going to the moon in the past couple of days.
At the time of writing ETH price is $590.95 with a gain of 2.48 percent and the whole crypto community being very bullish for the asset as ETH 2.0 launch is around the corner.
Will ETH 2.0 Launch Intensify Altcoin Season?
After nearly five years of promising and more than 2 years of work, ETH 2.0 is all set to launch despite the failure of the initial testnet. One of the biggest achievements of the Ethereum Foundation would be the Beacon Chain operating alongside the current Ethereum blockchain, in order to fulfill the first of four migration processes.
During the recent DeFi pump in the early September 2020, the main issue faced by the crypto community was the skyrocketing gas fees. The gas fees soared to greater highs as the blockchain traffic congested and choked.
However, the Ethreum Foudation or the co-founder of Ethereum Vitalik Buterin have not directly committed to solve gas fees issue with the lauch of ETH 2.0, but have hinted for the same. At the same time the entire crypto community hopes that with the lauch of ETH 2.0, the gas fees would be reduced considerably.
Currently, the whole crypto space has manifested a bullish trend with most of the crypto assets including Bitcoin is surging with remarkable numbers.
As Coinpedia reported earlier that, Bitcoin is also strongly headed towards $20K, it would be very interesting to witness, whether Bitcoin would hit $20K first or Ethereum $1K. And with the surge of the major cryptos, the Altcoin Season is expected to intensify to large extent.