New Ethereum Update to go live! Here’s What it Brings to The Table – Coinpedia – Fintech & Cryptocurreny News Media

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The second-largest cryptocurrency is back to the buzz, as the digital asset strides into the spotlight across public platforms. Ethereum being the utility chain for numerous applications, across industries. Has constantly been under the radar of traders, institutions, and enthusiasts. 

Folks from the industry have been waiting for the ETH 2.0 upgrade, which would eradicate shortcomings of the network. While, the update remains far from reach, makers of the blockchain will be launching the Arrow Glacier update which would push the difficulty bomb by several months.

What Is Arrow Glacier Upgrade?

   The Ethereum network will be undergoing a programmed upgrade at block number 13,773,000. Which is set to go live on Wednesday, the 8th of December 2021. The date and time is prone to alterations, owing to variable block times.

The Arrow Glacier upgrade would change change the parameters of the Ice Age/Difficulty Bomb. Defusing it to several months from now, wherefore it would fetch time for developers to work on the ETH 2.0 upgrade. However, no other changes would be introduced as part of the Arrow Glacier update. 

The difficulty bomb only affects the PoW networks, and only exists on the Ethereum mainnet and the Ropsten test network. The makers had earlier urged beneficiaries to upgrade the node prior to 5th of December. Holders of Ether need not initiate any steps until asked to. Howbeit, the node operators or miners need to download the latest version of Ethereum client.

Ethereum (ETH) Price 

ETH price at the time of press is trading at $4,360 whilst scripting gains of 7.3%. The market cap of the digital coin is currently floating at about $517,374,245,967. While the volume of trades for 24-hours are at $26,306,391,087. ETH price is trading in the frequency from the lows of $4,008 to the highs of $4,427.25

The price of ETH falls short of its ATH of $4,878.26 by a margin of 10.2% from current levels. With the update going live, we might expect ETH reclaiming its ATH, while chugging northwards towards the target of $5,000.  

Collectively, ETH price has fared well on the charts despite its shortcomings and the recent market crash. With the update going live in a day’s time, netizens are hopeful of ETH being bullish for the week. And are expecting ETH to claim the $5,000 price tag by the weekend.

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