This website uses cookies to ensure you get the best experience on our website

Blog

Date:
24th Mar 2021
Author:
Dalmas Ngetich, for CryptoAltum News Team

ETH Locked in Eth2 Exceeds $6 Billion, Ethereum Prepping for Migration to PoS

Just when ETH's utility--not a speculative asset, is improving, Proof-of-Stake believers are relentless in pouring their assets to Eth2—a parallel proof-of-stake network. As per Etherscan, there are $6 billion of ETH coins locked in the chain, further leading to ETH scarcity, a net bullish for ETH/USD prices.


Details: 

The Ethereum price is the home of DeFi and one of the most widely adopted smart contracting networks, leading as a lead minter of NFTs. For its role, ETH is now, more than ever, a utility, not a speculative asset, propping prices. In the long haul, experts are optimistic, saying the coin would reach $10k. At this valuation, ETH would narrow its gap with Bitcoin more so if more companies liquidate their cash holdings for ETH.


Impact on the ETH Price: 

Bullish. Ethereum prices may be under pressure, but fundamentals are strong. Over $6 billion are locked in the Eth2 official deposit contract. The development of Gas fees-reducing solutions would further spark ETH demand, thrusting ETH/USD prices even higher.


More market news over on our Blog


Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
  • Copyright Excel Innovations Ltd (CryptoAltum) 2020