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.
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.
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Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.