Ethereum Node Count Nearly Overtakes Bitcoin as ETH 2.0 Launch Approaches

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In Brief
  • The number of nodes on the Ethereum network has crossed 11,189.

  • Activity has surged with the approaching beacon chain launch of ETH 2.0 set for Dec. 1.

  • The increased activity points to increased investor confidence in the network.

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The number of Ethereum nodes has nearly exceeded the number of nodes on the Bitcoin network, showcasing a surge in activity in the lead up to ETH 2.0.

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Data from Ethernodes shows that the number of network nodes has increased sharply from Nov. 16 to date.

Anticipating Ethereum 2.0

Ethereum nodes now total 11,161, up from just under 9,000 a month ago. This spike has pushed Ethereum into a neck-and-neck race against Bitcoin’s 11,360 nodes.

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The rise in nodes coincides with the heavy anticipation surrounding Ethereum 2.0, slated to launch on Dec. 1.

Nodes play an important role in verifying transactions on the Ethereum blockchain. The increase in the number of nodes is an indicator of the confidence that users have in Ethereum.

Several other metrics relating to Ethereum network activity have experienced equally drastic increases over the past two weeks. ETH 2.0’s deposit contract, which went live on Nov. 4, reached the threshold required for a Dec. 1 launch.

The beacon chain will run parallel to the current blockchain and its launch is one of Ethereum’s biggest milestones in its history, though many of the proposed changes will come at a later date.

Ethereum co-founder Vitalik Buterin provided a summarized roadmap for development and the expected benefits in a recent Reddit AMA.

Catching Up to Bitcoin

The surge in activity on Ethereum is unsurprising, especially with ETH 2.0 around the corner. Both networks are on an uptrend, and investor sentiment for Bitcoin is also skyrocketing.

Bitcoin: Number of Active Addresses – Glassnode

Bitcoin too has had a strong past few months, largely as a result of the number of institutional investors joining the market.

This includes support from PayPal and interest from hedge fund managers like Gold Bullion International’s Dan Tapiero. Both retail investors and institutional investors have spoken of a potential price rise as a result.

Bitcoin is currently near its all-time high, though the past week has been volatile. The asset is currently hovering around the $18,500 mark.

While it is not certain if it will make a new all-time high this time around, investor sentiment is certainly high.

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Rahul's cryptocurrency journey first began in 2014. With a postgraduate degree in finance, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has guided a number of startups to navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars.

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