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Ethereum

With Ethereum 2.0 round the corner, ETH surges up, breaks several records

Talk about the crypto industry in the final quarter of 2020 and there are two buzzing news which have taken the tinsel town by storm. One is BTC crossing $15,000 after 3 years and the other is certainly the approaching launch of Ethereum 2.0. And ever since the date of ETH 2.0 launch has been announced, ETH has started hitting several records, much to the pleasure of the Ethereum community.

Increasing number of validators

The Ethereum community is currently bustling with a record sum of wallets holding minimum 32 ETH.

It’s to stress here there is a staking condition behind the launch of Ethereum 2.0 on 1st December. The condition is there must be a minimum 16,384 validators right on the ETH network and each validator would have to stake around 32 Ethereum (currently worth 12,700 USD). The total staking amount should sum up to that amount to 200 million USD (524,288 ETH ). The launch will only take place if the total sum mentioned above can be collected minimum 7 days ahead of the scheduled date of the ETH 2.0 launch- lest the launch will be postponed.

Looking at the increasing number of wallets holding the staking amount for ETH 2.0 launch, it can only be inferred that the Ethereum community can’t wait for the launch of the upgraded version.

Alongside, there has also been a record rise in volumes of addresses holding minimum 10, 0.1 or 100 ETH- reaching to 293,183 addresses, 3,616,246 addresses as well as 52,943 addresses. The escalation signals improved accumulation from prospective validators and speculators.

Rise in asset price

With the whole community eagerly waiting for the ETH 2.0 launch, the leading crypto asset is naturally raking up increasing interest from the whole crypto and finance industry. No wonder, the asset price rose by 5 percent (reaching $405) just after the launch of Deposit Contract on November 4, 2020. The Deposit Contract would be used to collect funds needed for staking.

ETH social engagement on high

The staking process has already started which has further led to a solid rise in Ethereum social engagement this week, especially over the past couple of days. According to leading social media crypto analytics firm LunarCRUSH, social engagement of Ethereum 1-day is up by a huge 25.5 percent, reaching up to a whopping 74,400,934 engagements.

Ether on exchanges hits 1-year-low

Again, the volume of ETH on crypto exchanges seems to have hit 1-year-low lately, reaching 15.8 million. But, as per crypto experts it’s a good sign and it only shows growing interests in the asset.

“A heavy drop in the volume of coins on exchanges is actually a good omen. It mostly happens when new buyers enter the market and scoop off the coins to cold storage. With a number of Ethereum coins experiencing a record drop on exchanges, we are expecting massive entry of new players in the market lately. The news of ETH 2.0 launch has pulled in the limelight on Ethereum once again and many new validators and speculators are coming in large numbers”, noted Sina Estavi, CEO of Cryptoland and Bridge Oracle.

ETH hash rate also reached an ATH last week, touching a whopping 270 terahashes.

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