Ethereum Price Rises as Network Prepares for Bellatrix Upgrade
As the Ethereum network prepares for its Bellatrix upgrade, the price of ETH is rising.
The Bellatrix upgrade is an essential step in the final countdown for the Merge. This upgrade will set the rest of the Merge process in motion, which is only days away. With this upgrade, the Merge process will be able to proceed smoothly and quickly, bringing the much-anticipated event closer to reality.
The price of Ethereum has reacted in anticipation for the final upgrade before the network transitions toward proof of stake. This upgrade is seen as a major step forward for the Ethereum network, and the price reflects this. Once the upgrade is complete, Ethereum is expected to become even more popular and valuable.
- As the highly anticipated Merge nears, sentiment around Ether (ETH) has flipped from bearish to positive. The second-largest cryptocurrency has surged nearly 7% in the past 24 hours and is now trading above $1,665 on Binance. This positive momentum could continue in the lead up to the Merge, which is expected to be a major catalyst for ETH price growth.
- The much-anticipated Merge is finally upon us, and with it comes the transition to a proof-of-stake (PoS) consensus mechanism. But before we can enjoy all the benefits that Bellatrix has to offer, we need to upgrade to it first.
- There is a lot of talk about the need for a hard fork in order to update the clients on the Beacon Chain. While this may be necessary, it is also important to remember that the node operators will need to update their clients before epoch 144896.
- The Ethereum Foundation has previously revealed that the Bellatrix upgrade is scheduled to take place at 11:34:47am UTC on September 6. The Merge itself is expected to happen somewhere around September 13-15. This upgrade is designed to improve the scalability and performance of the Ethereum network.
- With 72.9% of nodes marked as "Ready" for the Merge, it appears that the vast majority of the network is prepared for the change. However, 27.1% of nodes are still "Not-Ready," so there is still some work to be done.
- If node operators don't update their Ethereum clients prior to the Bellatrix upgrade, they'll be stuck on an incompatible chain following the old rules.
- The Ethereum network is about to undergo a major upgrade, which will result in two separate networks - the existing Ethereum network, and the new Ethereum network. Furthermore, users will not be able to send Ether or operate on the post-merge Ethereum network.
- The Ethereum community is urging node operators to update their clients in order to stay compatible with the network. Co-founder Vitalik Buterin took to Twitter to push for the same, urging users to update their software to avoid any potential disruptions.
The merge is still expected to happen around Sep 13-15. What’s happening today is the Bellatrix hard fork, which *prepares* the chain for the merge. Still important though – make sure to update your clients! — vitalik.eth (@VitalikButerin) September 6, 2022
The Ethereum network is preparing for a major upgrade with the Bellatrix upgrade, and ETH prices are surging in anticipation. This upgrade is expected to improve the scalability and efficiency of the Ethereum network, and could lead to increased adoption of Ethereum-based applications.