The crypto space has been quite volatile over the past weeks, but holders of Ethereum (ETH) are, no doubt, quite pleased with the latest turn of events. Ether, the actual cryptocurrency of the network, has recorded its biggest jump in 20 days, and it seems likely that there is going to be a lot of excitement about the token in the coming hours. Experts believe that confidence over the Ethereum platform is growing steadily, and that could well be one of the reasons for the gains recorded by ETH over the past 24 hours.
All Eyes on ETH 2.0 Upgrade
Over the past 24-hour period, ETH has recorded gains of 17%, which makes up its highest gains in a single day since March 13. Crypto experts have stated that the growing confidence in the Ethereum network could be due to the upgrade that is going to take place in the system at some point in July this year. The system is going to be upgraded to ETH 2.0, which could be the major reason behind the latest rally in the token.
There are certain concrete reasons why there is more confidence about the Ethereum network owing to the ETH 2.0 upgrade. The upgrade is going to facilitate a higher number of transactions, and in addition to that, a new security protocol is going to be put in place. The security protocol is known as proof of stake or PoS. It is interesting to note that this particular upgrade to the network has been in the works since as far back as 2015.
>> Coinbase Invests Over $1 Million into DeFi Sites
Initially, Ethereum didn’t follow through with a proof of stake protocol, as it requires a high degree of technical skill and expertise. Ethereum’s progression into ETH 2.0 marks a major development for the network, but it remains to be seen how the price of the ETH token reacts in the coming days.
Featured image: DepositPhotos © yuliang11
Please See Disclaimer
Risks and Disclosure:
Information provided in this correspondence is intended solely for informational purposes and is obtained from sources believed to be reliable. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained on this website is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions made or suggested and the actual results.
All statements and opinions expressed are the opinions of the author and not of Cryptocurrencynews.com or its officers. The author is wholly responsible for the validity of all statements. Cryptocurrencynews.com was not involved in any aspect of the article preparation. The author was not paid by Market Jar Media Inc for this article. The author did not pay Cryptocurrencynews.com to publish or syndicate this article.
Futures, stocks and options trading involves substantial risk of loss and is not suitable for every investor. The valuation of futures, stocks, and options may fluctuate, and, as a result, clients may lose more than their original investment and possibly their entire investment. Any content on this website should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to confirm and decide which trades to make. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
Please see our full disclaimer here for additional details before making any investment decisions.
Credit: Source link