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The long-awaited Ethereum 2.0 upgrade is finally approaching, starting with the launch of its Phase 0. While the US — and even the rest of the world — keeps a close eye on the US elections, Ethereum’s pending upgrade has completely overshadowed them within the project’s community.
ETH community lost interest in the US presidential elections
The US is at a turning point, as the presidential elections would decide the way in which the country would move during the next four years. Naturally, with the US being one of the most influential countries in the world, this is a rather important development.
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However, fears of the election have almost completely dissipated within the Ethereum community, which seems to care more about the Ethereum 2.0 arrival.
The project’s Ethereum Foundation recently released a tool for the creation of ETH 2.0’s deposit contracts, which caused everyone in the community to move to exchanges, and try to get in on the action.
Ethereum takes the stage
Buy orders have suddenly skyrocketed by 7% within hours, and many believe it to be the start of a new uptrend. Head of investments at dtc.capital, Spencer Noon, noted that Phase 0 was among the biggest and most challenging moves regarding the deployment of Ethereum 2.0.
For the people downplaying #Eth2 Phase 0 launch: YOU. ARE. BUGGING. This isn't the same as launching a new network no one uses. This is a $45B network securing billions of $ in assets. It's like launching a rocket. Every milestone is enormously hard. The first one is the hardest.— Spencer Noon (@spencernoon) November 4, 2020
But, despite the difficulties, this milestone has finally sent ETH towards the launch of Ethereum 2.0, and the project is one major step closer to its genesis block.
Unsurprisingly, Ethereum’s price did not take long to react, as well. Massive demand and positive development pushed the price from $380 to $409, before a slight correction that took it down to $404 at the time of writing.
Even so, the buy orders are still growing, and some predictions say that Ethereum could easily head to $480 in the near future, or perhaps even higher, since there are no major supply barriers that would stand in Ethereum’s way towards a higher price.