Ethereum at $500 For the First Time Since July 2018: Interest Increasing

After failing to tap the $500 mark two days ago, ETH woke up from its slumber with jetpacks mounted on its back. The cryptocurrency rallied vertically and just smashed the $500 resistance against the US Dollar after more than 2 years of trading at the said rates. This comes amid a rising trend of Ethereum searches on Google.

Ethereum’s ETH Soars Straight Up To $500

It seems ETH bulls are no longer in the mood to remain in the sub-$500 zone, as a bout of galvanizing price action pushed the cryptocurrency to top the $500 mark a few minutes ago. This marks a 6 percent rise for Ethereum’s native token and an almost 200 percent gain year to date.

ETH price is trading at $500 after more than two years. The last time the crypto asset changed hands at this price was July 2018. Many in the community celebrated the move. Ethereum advocate Anthony Sassano even went ahead and said that this rally is just 5 percent of the way to $10,000.

Crypto Capital Venture founder and YouTuber Dan called for a near-term rally to $530 if ETH’s price action plays out similar to bitcoin.

Ethereum Sees Rising Search Interest On Google

While ETH is busy lifting off vertically on price charts, Google trends show that search interest in Ethereum is steadily rising.

ethereum rising search trend
Search Interest in Ethereum is Rising, Source: Google Trends

This comes after the term ‘buy eth’ experienced a surge in search interest last week. It is probably because of all the hype surrounding Ethereum 2.0’s launch as potential buyers are looking to enter ETH markets and registers on the back of the network’s upgrade launch.

However, as per the latest update from Ethereum co-founder Vitalik Buterin, ETH 2.0 might experience further delays in the launch.

When questioned about a complete timeline for sharding and the consensus migration, Buterin explained that scaling might be ready before staking.

“For the merge, I would say less than a year is not realistic. Even if a complete merge implementation fell out of the sky in February, I would recommend we sit on our butts until November or so to convince people that PoS is safe,”

Also, A Printing Of Almost 5 Million ETH Is On the Cards

In a recent AMA on Reddit’s official Ethereum subreddit, when asked about ETH’s maximum supply, Vitalik said that for the next one to two years (or until the actual merging), the network would churn out around 4.7 million coins.

Post this, the issuance will be a maximum of 2 million a year. All this supply issuance will take place until the Proof-of-Stake system is fully integrated and up and running.

The issuance schedule is ~4.7M per year for the next ~1-2 years or however long it takes until the merge, and then ~0-2M per year minus burned fees (which could be even greater than the issuance!) once PoS is fully in place. I don’t think it’s even productive to give any kind of different answer. That said, I do hope that the fact that the phase 0 code is finished and is basically just waiting for people to deposit has significantly de-risked the transition compared to eg. even six months ago!

He expressed delight at the completion of the coding for the ETH 2.0 phase 0 launch, as it has totally ‘de-risked the transition’ from Ethereum 1 to Ethereum 2.0.

The Associated Press Has Leveraged Ethereum For Recording US Election Data

Blockchain adoption has just achieved a major milestone. The Associated Press has chosen the Ethereum blockchain to publish calls for the latest US Presidential election.

The nearly 200-year-old New York-based non-profit news agency has been counting votes since its inception in 1848 and will do the same this year too by collecting, verifying votes, and declaring winners in 7000 contests. This comes as the ETH 2.0 deposit contract was just launched.

The Associated Press Takes To Ethereum For Recording US Election Data

It’s official. The Associated Press (AP) is leveraging the Ethereum blockchain system for recording vote count from the ongoing US Presidential election. This is the first time that a decentralized computing system is being used to maintain records of one of the biggest electoral events in history, possibly the closest.

As the counting process is still on, AP’s developer website is inviting poll conductors to integrate their election systems with the ‘AP Elections API’.  This way the polling organization’s ‘election results delivery application’ could directly pull election race information from the said API.

Polling organizations can retrieve two crucial pieces of information from the AP Elections API:

  • election race information, including vote updates and race calls
  • election reports

AP is reportedly using a blockchain-powered information platform, Everipedia’s OraQle software to publish U.S. election race calls cryptographically on the blockchain. As directed by the website, developers can access the smart contracts on Ethereum/

Why Blockchain Though?

US Presidential election is not a new thing for AP. The news agency has been doing it for a little above 170 years now. It has also published election results on its website after the internet came into being. But the problem with sharing this data online (through a centralized server) is that it becomes prey for hackers. Online perpetrators can tamper with the election information and modify the results.

Even AP’s internal team could cause the data to be lost forever through an update, or by a swap of links, for instance. However, on a blockchain, in this case, Ethereum, the election results will always remain accessible minus the ‘single-point-of-failure attack risks’. As long as the nodes keep running.

This comes as Ethereum 2.0’s launch day is nearing. As CryptoPotato reported, Vitalik Buterin officially announced the launch of its deposit contract.

Will Ethereum 2.0 Deposit Contract Release Help ETH Outperform Bitcoin Again?

Ethereum’s creator officially announced the release of the Ethereum 2.0 deposit contract a couple of hours ago. ETHUSD markets responded with a large green candle that has pushed the network’s native cryptocurrency past the $400 mark. The question is, will this latest update help ETH outperform bitcoin once again?

Ethereum 2.0 Deposit Contract Officially Released

Ethereum’s creator Vitalik Buterin took to Twitter to announce the launch of the Ethereum 2.0 deposit contract. This is a ‘v1.0 spec release,’ as mentioned on the official website. And it will have a ‘MIN_GENESIS_TIME of 1606824000’. The real-world time for the same is December 1, 2020, at 12 pm UTC.

For ETH2 to undergo genesis at the aforementioned time, validators need to collectively make 16384 deposits of 32 ETH 7 days before December 1. In the event of divergence from the said timeline, the network genesis process will trigger 7 days after this threshold.

With the main net launchpad now live, depositors using the ‘deposit CLI’ can use the commit hash – 9310de0ff3e1154c718a260ce3e5c71e9f187133.

ETH prices responded positively to this development by printing a giant green candle on the charts, which in turn pushed ETHUSD rates past the $400 mark. Again.

Could ETH Outperform Bitcoin Once Again?

Noted cryptocurrency market observer and trader Josh Rager took this opportunity to comment on the state of the ETH markets.

The analyst contemplated a scenario where Ethereum’s native token would outperform its rival bitcoin once again. He predicted a bounce before the news of the deposit contract release actually came out. However, will we see ETH superseding bitcoin in terms of price-performance on the back of this development?

Amsterdam-based trader Michaël has a response to that. Along with Mr. Rager, he was also quick to share his two bits on the latest Ethereum (ETH) price action.

The popular Twitter-based technical analyst opined that ETH/USD prices would significantly gain when ETH 2.0 actually goes live. According to his inference, the region around the $438 price mark acts as a crucial resistance. Once the cryptocurrency covers this point, the path will be open for ETH to take $440 and price points beyond this mark.

This implies that a gigantic ETH rally is brewing and may lead it to outperform bitcoin again and this time for good.