Ethereum, the world’s largest altcoin, continues to create headlines ahead of the upcoming кошулуу. As expected, it has been seeing significant demand and adoption from institutions and retail investors/traders. Hence, there is a sense of belongingness around.
Many Highs
The reason behind the much-anticipated upgrade is an obvious one. The same focuses on improving the speed, efficiency, and scalability of the network. Such bullish anticipation has indeed fueled a positive environment for what’s about to come.
Булак: Glassnode
ETH 2.0 saw deposits surge from about 8 million in mid-May 2022 to a press time value of over 13 million. To be specific, according to Glassnode, the number of staking ETH 2.0 депозити келишим даректери Даражасы: 13,302,229.
боюнча депозиттик келишим Жайдарман Chain, 2020-жылдын ноябрында ишке киргизилген, ETH ээлерине активдерин которуудан мурун кулпулоого мүмкүндүк берет. Бул жерде дүйнөдөгү эң чоң альткоиндин абалы ушундай.
ETH, at press time, was trading well above the $2k mark on the charts. Yes, the hype and FOMO around the Merge played a huge role here.
Көчүрүү жана чаптоо
Surging demand amidst supply burns and ETH addresses too contributed to the asset’s move beyond fear. Let’s look at the latter first –
For instance, data from CryptoQuant revealed that active ETH addresses hiked to new highs (>400,000 in a day), compared to its previous figures.
Булак: CryptoQuant
This could be a sign that new investors/traders jumped into this pool, alongside undeterred HODLers.
Here, the latter cohort has continued to hold ETH, regardless of market conditions. In fact, the number of addresses holding 10+ ETH also touched an ATH, at press time, as per Glassnode’s latest insights.
? Мен #Ethere $ ETH 10+ монеталарды кармаган даректердин саны ATH 313,353га жетти
Көрүү көрсөткүчү:https://t.co/6ggy1nLbSD pic.twitter.com/tDERgRb6gn
- glassnode эскертүүлөрү (@glassnodealerts) August 14, 2022
Needless to say, such impressive demand needs were directly met by the intense burning mechanism seen on the Ultra Sound Money platform. Within a year, the blockchain бүтүндөй өрттөлүүчү over 2.58 million ETHs with an aim to help the altcoin’s price.
Herein, ETH transfers led the Ethereum-burning actions, while OpenSea, USDT, and Uniswap V2 followed.
Overall, it’s been a bullish week for the 2nd largest cryptocurrency. In fact, ETH outperformed Bitcoin ahead of the Merge event in September. The second largest cryptocurrency by market capitalization has gone up by 61% against Bitcoin since June. Something to look forward to, perhaps…
Source: https://ambcrypto.com/pre-merge-heres-the-full-scope-of-the-eth-2-0-deposit-contract/