Ethereum News

Over 290,000 ETH Staked on Ethereum 2.0 Deposit Contract

At the time of writing, the Ethereum 2.0 deposit contract has over 290,000 ETH staked. Apparently, this is over 50% of the required amount to activate the Beacon Chain.

The Ethereum 2.0 phase zero will launch on December 1. For the launch to happen, the ETH 2.0 contract must collect 16,384 deposits of 32 ETH each. Collectively, this means a total of 524,288 ETH worth about $200 million.

Over 290,000 ETH Staked on ETH 2.0

From November 20 to 22, a total of more than 130,000 ETH have been deposited. If this level continues, the target amount could be reached by November 25. Otherwise, the team will postpone the ETH 2.0 launch.

The ETH 2.0 deposit contract address has reached 50 percent of its target. This is a significant milestone for the much-awaited upgrade of the second-largest blockchain. Among the greatest contributors for ETH staking is crypto service provider Bitcoin Suisse.

Remarkably, the firm will stake nearly 100,000 ETH before November 24.

On the other hand, Chairman of Dubai-based IBC Group Khurram Shroff also supports the launch of Ethereum 2.0. In fact, it commits to roughly 20,000 ETH staked ($10 million) in ETH 2.0 through CanETH.

Ethereum price prediction is bullish

The launch of ETH 2.0 is a catalyst for the Ethereum price increase. In the last 24 hours, ETH recorded 13.1% gains leading to a price of $590.75. A favorable Ethereum price prediction likely puts Ethereum over $700.

It shows capability in breaking its strong resistance of $600. Moreover, if the Ethereum price continues to be bullish, it could reach a new all-time high (ATH) price before the end of 2020.

Source: Coingecko
Source: Coingecko

Previously, Ethereum’s highest price is seen in September at $475.68. With the ETH 2.0 launch incoming and the DeFi market continuing to thrive, the Ethereum price is set to be bullish. As a matter of fact, Ethereum shows higher trading volumes than Bitcoin in the last 24 hours, with Ripple following it closely.

CoinQuora Staff

CoinQuora is an online publication that aims to educate about news, exchanges, and markets in the cryptocurrency and blockchain industry

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