Total Ether Deposits in Ethereum 2.0 Hits New ATH as Interest in Proof-of-Stake Model Rises

Godfrey Benjamin   Mar 22, 2021 07:20

The total number of Ether deposited in Ethereum 2.0 continues to grow as more people are showing interest and looking to take part in the network’s Proof-of-Stake (PoS) model.

As outlined by on-chain data analytics provider Glassnode, the “total value in the ETH 2.0 Deposit Contract just reached an ATH of 3,559,106 ETH.”

The growth of Ethereum 2.0 in terms of deposits may account for why the ongoing fight against market bears remains fierce. The demand for Ether to be staked in Ethereum 2.0 is subtly battling the price dips Ethereum is currently experiencing. At the time of writing, Ethereum is trading at $1,797.62, parring the weekly losses which are pegged at 3.27% according to CoinMarketCap.

Ethereum’s attractiveness as a transactional network is counterbalanced by the raging high gas fees. Nevertheless, investors are betting big on the future of Ethereum 2.0, and the ongoing plans to implement the EIP 1559 upgrade will help combat the challenge of rising transaction fees on the network.

Small Holder Position Rising

Amid the ongoing growth of Ethereum 2.0 deposit numbers, the number of small Ethereum holders is also surging, implying that the trust in the cryptocurrency’s future may be inspiring new retail stack up. Glassnode on-chain data revealed that the Ethereum number of addresses holding 0.01+ Coins just reached an ATH of 13,213,880.

Additionally, the total number of Ethereum addresses holding 0.1+ coins also reached an ATH of 4,365,132, a move that confirms the retail storm of the world’s most busy blockchain network. As innovation is dynamic in the crypto space, retail holders are somewhat confident that Ethereum will be able to beat its current challenges and return to winning ways in due time. Currently, Ether is eyeing the psychological level of $2000 and struggling to break through.

Image source: Shutterstock

Ethereum to Overtake Bitcoin as the More Attractive Asset with ETH 2.0 and EIP 1559 Rollout - Messari

Read More