Bitcoin HODL Waves Suggest Bull Run Has Barely Started
Ethereum flips Bitcoin’s node count
A surge of validators awaiting Eth2 staking has pushed Ethereum’s node count to 11,259 — surpassing Bitcoin by more than 100.
Ethereum 2.0 genesis stakers have pushed the total number of Ethereum nodes past the number of Bitcoin nodes for the second time this year.
According to Ethernodes.org, 11,259 Ethereum nodes are currently active, giving it a roughly 1% lead over Bitcoin’s 11,136. Ethereum’s node count last surpassed Bitcoin’s in early September.
The number of Ethereum nodes has increased by more than 50% in the past two weeks or so, spiking from 8,086 on Nov. 15 — 11 days after the Eth2 deposit contract went live. Ethereum’s node count overtook Bitcoin’s on Nov. 30.
According to Blockchain Center’s “Flippening” index — which seeks to track the strength of Ethereum’s network relative to Bitcoin — the surge in node counts has seen the index gain from 50.5% to 62.4% over the course of November.
According to the index, node count is the third major on-chain metric on which Ethereum has currently “flipped” Bitcoin, alongside transaction count and transaction fees.
Etherscan estimates that Ethereum processed nearly 1.2 million transactions in the past 24 hours, compared to Bitcoin’s 300,000. Ethereum also processed $3.6 million worth of transaction fees in the last 24 hours, while Bitcoin fees were worth close to $1.4 million.
The Flippening Index estimates that Ethereum posted a two-year high of 67.68% for strength relative to Bitcoin in early September due to the third-quarter DeFi boom.
Eth2’s beacon chain genesis kicks off in just a few hours from now. The launch of the deposit contract allowed ETH holders to designate their Ethereum for staking, with the 524,288 Ether required to initiate the launch of the beacon chain being surpassed just hours before its deadline on Nov. 24.
According to Beaconcha.in, 878,808 Ether have now been sent to the deposit contract. The beacon chain’s genesis will lay the groundwork for sharding and proof-of-stake.