Cryptocurrency
Ethereum Hits 2.5 Year High on Supply Deficit Woes; More Gains Ahead?
Ethereum Hits 2.5 Year High on Supply Deficit Woes; More Gains Ahead?: (NewsBTC)The cost to purchase one Ethereum (ETH) token surged to its two-year high in the days leading up to its transformation into a proof-of-stake asset. The ETH/USD exchange rate hit $600 on Monday following a 6.21 percent upside move, its highest level since May 2018. […]
Ethereum Hits 2.5 Year High on Supply Deficit Woes; More Gains Ahead?:
(NewsBTC)The cost to purchase one Ethereum (ETH) token surged to its two-year high in the days leading up to its transformation into a proof-of-stake asset.
The ETH/USD exchange rate hit $600 on Monday following a 6.21 percent upside move, its highest level since May 2018. Traders apprehensively increased their bullish bets on the pair after anticipating a supply deficit in the Etherum market.
Ethereum 2.0
In retrospect, Ethereum expects to undergo a major network upgrade under the title of Ethereum 2.0. The technical advancement will increase its blockchain’s scalability, energy efficiency, and security without compromising its inherent decentralization.
The Ethereum Foundation requires the ETH users to stake their holdings into a smart contract that would activate the ETH 2.0 mainnet. On the whole, the contract requires 524,288 ETH tokens. In return, it will provide stakers with attractive annual returns.
As of Monday, the ETH 2.0 smart contract has collected about 50 percent of its targeted amount. If it successfully obtains 524,288 ETH by today, then the team will launch ETH 2.0 on December 1. Failing to collect the required number of Ethereum tokens will either delay the launch…