By Shelly Melancon (Switzerland)
- ETH2 now worth about $5.4 Billion as more than 3 M ETH have been staked
- Ethereum is still trading above $1800
- Economists predict an enormous swing to about $20k for ETH before the year runs out.
The year has been positive for the second-largest cryptocurrency, Ethereum, considering the latest news of the cryptocurrency’s impressive gains.
The Amount Staked On Ethereum 2.0 Hits 3 Million ETH
According to data from beaconcha, over 3 million ETH worth over $5.4 Billion, has been staked on the Ethereum 2.0 blockchain. It further reported that there are more than 84,000 active validators at the moment while about 8800 are on queue.
The stake pool is currently earning 9.06% in ETH per annum. Also, yesterday, the price of ETH broke above the $1800 price mark. As a result of the protocol’s increased transaction, the cryptocurrency also recently displaced Bitcoin concerning the adjusted transaction value as reported by CoinMetrics.
On February 4, the adjusted transfer value of Ethereum rose to a new high of about $19 billion, which was attributed to large amount of transfers made by smart contracts. Based on estimates, the total transaction value of Ethereum would greatly surpass that of Bitcoin if all ETH-based assets such as Ether, wrapped BTC etc. are added together.
Another achievement for the cryptocurrency is the outstanding profits made by miners this past week. The total earnings for mining reached above $55 million in a day, making it the new all-time high, while miners also recorded a new high when they earned about $3.74 million in an hour.
Also read:Last week, the cryptocurrency also hit an ATH hash rate of about 350TH/s. All these have been tied to the increased gas fee on the protocol, which is now averaging at $25/transaction.
Two days ago, following the rally of Bitcoin after Elon Musk’s investment in the crypto, Ethereum also rose to break above $1800 to hit the $1830 mark. This equates to about 3.5% price gain for Ethereum in just a day and about 20% for weekly gain.
Price Analysis: Ethereum Could Rally Once Again
About two hours ago, Ethereum was trading near $1810 and is preparing for another rally to make a new ATH. There are still predictions that the price of ETH might rally up to $20,000 before the year runs out, considering the stream of positive metrics recorded by the coin recently.
According to data from Fxempire, Ethereum might hit the resistance level at $1900 in case of an extended rally before it experiences any significant pullback.
More than 48 hours ago, the CME Group officially launched the Ethereum futures contract. The trading took off with an incredible start with the volume of Ethereum contracts traded also topped $30 Million on the first day of the market.
There were concerns that the price of Eth would take a dip due to the launch. However, the cryptocurrency has only risen since then and once again established itself as one of the world’s largest cryptocurrency.
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