Ethereum: Ahead of the Altair update, here’s where the nodes are

Ethereum

These are good times for Ethereum, with the altcoin registering a market cap of over $ 500 billion for the first time this month. In fact, ETH breached its resistance levels on the charts very recently, hitting a new ATH of $4,361 in the process. Is there any way to explain this hike?

Well, there were a lot of factors involved. But it’s also because the mainline is getting closer to the new Altair network. Following the same, Ethereum users and developers will be gearing up for the long-awaited “Merge” in late 2021 or early 2022. Just recently, it burned over 600,000 ETH due to its EIP update. in place.

Of late, different ETH developers (including the Chief Executive) have shared and broadcasted some updates about theMerge. Here’s one, for instance,

According to the above, the new upgrade for Ethereum is for validators only. It doesn’t change anything for general coin users. The update affects only the beacon chain consensus mechanism. In addition to users, updates will not have any effect on contracts.

However, here’s an interesting but important question: Is the network even ready?

According to the Nodewatch service, currently, around 16% of nodes remain unsynced while 29% of nodes are not ready for the upgrade. Now, could that hint at something serious? Only time can tell.

Regardless. different analysts and developers within and outside ETH’s ecosystem have shared bullish scenarios about the ecosystem and the altcoin. Consider the following,

Certainly, looking at these bullish feelings, there is not much to worry about. At least for now.

In addition to this, here’s another statistic,

“According to OKLink, the current number of validating nodes on the Ethereum beacon chain has reached 25,063, surpassing 250,000 for the first time, and the number of validating nodes on the beacon chain has increased by 7,358 in the past 30 days.”

Here is the graph which highlights the same –

Nonetheless, is ETH still considering the $5k mark or is it bound to fall post this Merge? Well, if he chooses the former, only time will tell if Ethereum can outperform Bitcoin at any point in the future.

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