ETH 2.0 is coming, is it good to buy ETH now?

If there are no obstacles, Ethereum 2.0's transformation will enter its first phase in December 2020.

The Ethereum network update, Ethereum 2.0, is a proof-of-stake (PoS) consensus mechanism aimed at addressing security and scalability issues. After the full rollout of Eth 2.0, network users will no longer be able to independently verify coin supply, while thousands of transactions will be carried out on the blockchain.

The full Ethereum 2.0 rollout is scheduled to occur in three phases, namely, Phases 0, 1, and 2, following a series of successful testnet launches, including Topaz, Zkinken, Spadina, and Medalla.

Beacon Chain, rated on the Spadina and Zinken testnets, is set to release with Phase 0. Once launched, it synchronizes the time, validates empty blocks and allows developers to observe its operation in the real world. The existence of the Beacon Chain will coexist with the current Ethereum blockchain.

Phase 1 of the Ethereum 2.0 rollout will take effect as soon as the Beacon Chain is launched. Basically, Phase 1 aims to scale Ethereum's transactions per second rate by integrating fractional proof of share chains.

The complete Beacon chain node implementation and validator client are already installed in the now audited client, allowing users to fully register their participation in the network consensus. Chainproof is the smart contract coverage guarantee that Quantstamp relies on to protect the DeFi community as it covers the value of the Termination Contract.

Ethereum has already broken records ahead of the launch of ETH 2.0, according to Glassnode records. ETH 2.0 will launch on December 1 where users will need a deposit of up to 32 ETH to participate.

ETH 2.0 accepts at least 16,384 deposits from 32 ETH. The total is 524,288 ETH, or around $ 200 million worth. Until this news was published, the wallets with 32 ETH had reached ATH, namely, 126,852, reported Cointelegraph.

Before breaking through that figure, there were 123 million in June this year. There was a fluctuation in that number, but only in the hundreds of addresses.

This means that around 13 percent of the total addresses have 32 ETH to participate in staking. The plan is, if there is no significant change, then the launch will be ready seven days after the threshold is reached.

Ethereum's record ahead of the launch of ETH 2.0 also shows an increase in the number of addresses holding 0.1, 10, or 100 Ether with record highs of 3,616,246, 293,183, and 52,943 respectively. Each level of the address represents an accumulated increase of speculators and potential validators.

The amount of Ether held on the exchange has also just hit a one-year low of 15.8 million. A crypto statistician, Willy Woo, holding his reference to Bitcoin this month believes the number of coins held on the exchange is decreasing.

"It was a sign that new buyers were coming to take the coins off the market and move them to cold storage," said Woo.

According to well-known Twitter analyst Josh Rager, the price of ETH could be as high as $ 480, if ETH could cover $ 440.

When viewed fundamentally, ETH is likely to hit $436.16 in a few hours or days, if BTC doesn't experience a pullback.

Is It Good To Buy ALT Now?

According to some crypto traders, it's not good to buy ALT now, though, you see a rise across the alt. The increase was due to the dump occurred a few days ago and now the price has been corrected.

Don't FOMO because you can get stuck at this price. Most likely, if the BTC price drops, the other alt prices will drop too. And, after the US presidential election or 3 weeks after the presidential election, we will see prices corrected.

ETH is fundamentally very good if you buy DIP which occurs at $393.95. However, the current price, $436.16, is not a good deal to buy unless you are a veteran trader. In the long run, it is not good because the price is quite high.

The evolution of Ethereum 2.0 is predicted to drive up the price of Ether (ETH) coin. In the future, the demand for ETH could increase so that the price of ETH could increase drastically. This can also affect the price of other crypto assets as people will become more familiar with Bitcoin, ETH, and other cryptocurrencies.

Ethereum 2.0 will generate many more DeFi players because the Ethereum 2.0 network is able to accommodate more and more efficiently.

This is why Ethereum 2.0 will be of historical significance for the world of cryptocurrency, blockchain, and digital finance.

Where Ethereum 2.0 will solve problems that have occurred in Ethereum, for example scaling and gas fees, so Ethereum 2.0 will have a much larger capacity to accommodate the number of transactions in DeFi applications.