Upgraded Ethereum Network Ethereum 2.0 Staking Contract has 5 Million ETH Now

Ethereum 2.0 (the network upgrade of ETH) has the highest level of Ethereum (ETH) under its deposit contract currently. There are over 5 million Ethereum currently under deposit contract. ETH tracking platform Etherscan’s latest data shows that the total value of the staked Ethereum under ETH 2.0’s staking contract is around US$14 billion currently.

Ethereum 2.0 was officially launched with Beacon Chain’s launch in December 2020. The network upgrade was fully supported by the ETH community. Within the first week of December 2020, over 1 million ETH staking took place.

Ethereum, the 2nd largest cryptocurrency in terms of market cap, is going through a rollercoaster drive. On May 12, 2021, it reached an ATH of nearly US$4,350 and was on the path towards US$5,000. However, the journey was cut short and the price soon stumbled down to touch a low of around US$1,800 on May 23, 2021.

At press time, the ETH/USD pair was trading at around US$2,510.41 with a market capitalization of US$295 billion. Despite the ongoing dip for the last 2-weeks, the price of ETH is up by around 250% in 2021 YTD (year-to-date). 

Santiment, a crypto analytics platform, has highlighted a significant increase in whale activities regarding ETH, especially amid market volatility. Santiment tweeted:

“The amount of Ethereum whale transactions (greater than $100,000 in value) ballooned to levels not seen since January 2018 this week. After hitting an All-Time High of $4,358 just 9 days ago, ETH dropped to $2,015 (a -53.8% slide) in just one week.”

Glassnode Insights | Dissecting Bitcoin's Unrealised On–Chain P/L

Glassnode’s latest data shows that around 23% of the total supply of Ethereum (ETH) is held by Smart Contracts. Reports say that the second-largest digital currency’s popularity has increased significantly due to the growing popularity of NFTs (non-fungible tokens) and DeFi (Decentralized Finance).

Despite the extraordinary crash of the cryptocurrency market, the decentralized app marketplace DappRadar reported that NFT sales increased by almost 300%, from 21,815 to 82,373 per day during January-May 2021. On May 12, 2021, the sales of NFTs increased to around 94,000 per day.

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