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Ethereum Rallies Above $400 as Proof of Stake Launch “ETH 2.0” Scheduled for Dec 1

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Ethereum 2.0’s v1.0 has been released along with its mainnet deposit address. With this release, ETH 2.0 will have a genesis of 1606824000 — December 1, 2020, at 12 pm UTC.

There must be at least 16,384 32-ETH validator deposits made a week before the deadline for the genesis to trigger. In case the threshold is not met on time, the genesis will be kicked off whenever it does, as per the official announcement.

As expected, the price of Eth jumped above $407 in response to the much-anticipated news. Yesterday, ETH dropped under $375 despite bitcoin rallying.

But today, as BTC went back above $14,200, the crypto market turned green in tandem, and so did ETH, which continues to rise.

As Binance noted last month, the locking of ETH for staking could see a potential supply shock, which means a “dramatic price surge and trigger” due to “unprecedented levels of retail FOMO.”

Unlike the usual when ETH leads the rallies, this time, Bitcoin has been stealing the thunder as it increased by 30% in value than Ether’s mere 12% in the month of October.

But despite Bitcoin being back on the move today to the important $14k level, Ether is the one up 6%, the biggest gainer among the top 35 cryptocurrencies.

And with this, green has splashed across the crypto market.

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