Kataryna Kovtun June 18, 2020
June is not a special month for Ethereum, both in terms of price and development. Nevertheless, improvements in April and May had a great impact on the ecosystem of the world’s largest altcoin in the current month.
According to a recent Coinmetrics study of the state of the network, after the collapse of March 12, the number of addresses containing a small amount of Ethereum increased markedly.
We can assume that this is due to the upcoming launch of the Ethereum 2.0 testnet. Another reason may be related to an increase in the number of addresses when one owner scatters his ETH at different wallets.
The document notes that in recent weeks the number of Ethereum daily active addresses and transactions has also increased, with active ETH addresses reaching the levels that were last observed in January 2018.
At the same time, there is an increase in fees, which may be due to the overload of the Ethereum network. This is facilitated by the traffic created in the blockchain by a high emission of stablecoins. Also, the statistics reflected two transactions last week with a commission of $ 2.6 million each.
Spartan Group’s cryptocurrency hedge fund manager Kelvin Koh believes positive developments do not always dramatically affect cryptocurrency price increases. Various metrics and updates may have a delayed effect:
ATM I am more bullish on $BTC.
We are observing the ETH2.0 transition closely to understand the crypto economic implications and impact on $ETH price.
At some point, we may turn more bullish on $ETH. It is a big event but at the moment there is considerable uncertainty.
When Will Ethereum 2.0 Launch?
The launch of Ethereum 2.0 can be postponed to 2021, said project developer Afri Shedon. Under favourable circumstances, the main network can be represented in November this year, but there are certain difficulties in this.
Shedon explained that before launching ETH 2.0, all of his clients should be brought to uniform specifications. It is necessary to open a single deposit contract so that users can transfer their assets from the old chain to the new one. Between these stages, additional time is required for developers to test all aspects of the functioning of the new system.
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