How Ethereum 2.0 Good See Strong Recovery For ETH
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As we come to the end of the year, there are numerous things occurring in the crypto space that no one could have predicted. With bitcoin jumping in value over the past few weeks/month, the alternative crypto market is quietly making gains simultaneously.
Joseph Young, an analyst on Twitter has said that the second biggest cryptocurrency in the space, Ethereum has been performing extremely well over the past two months.
The upcoming Ethereum 2.0 deposit contract announced that the network upgrade would go live on the 1st of December. This has more than likely had a big impact on that open and how it has flourished in value over the past few months.
With the release of Ethereum 2.0, it would remove minors as the proof of work model is substituted for the proof of stake protocol. From here, users will be able to collectively verify transactions on the network without any need for a third-party to get involved.
You can see the tweet here from Joseph below:
With ETH 2.0 tentative for December, DeFi recovering, ETH surging past $440, and ETH/BTC recovering, I think the outlook of Ethereum after a Bitcoin rally is becoming more positive https://t.co/QD7HpeEBv8
— Joseph Young (@iamjosephyoung) November 7, 2020
Experience for users on the platform is more than likely going to change following the increase of the transaction capacity across the overall network.
The co-founder of Ethereum, Vitalik Buterin has confirmed that what was once a 15 transaction per second on chain processing speed could be increased to somewhere up to 5000 transactions per second on the blockchain upgrade.
The stagnation for Ethereum has technically allowed for the network to consolidate above significant moving averages and will be good for the future of the project.