Ethereum 2.0 Deposit Contract Approaches 13.3 Million ETH

With a price increase of over 13%, Ethereum remains the best performing crypto asset in the top 10 over the past seven days. The main reason for the price recovery is the growing interest in upgrading the ETH network (Ethereum 2.0).

According to Etherscan, a block explorer and analytics platform for Ethereum, the ETH 2.0 deposit contract now has more than 13.29 million tokens, the highest level on record. Amid the price surge, the total value of Ethereum under the deposit contract is now around $25 billion.

“With Ethereum’s last TestNet integration on Thursday, prices briefly jumped above $1,900. Developers have confirmed that the much awaited ETH update will happen on September 15th or 16th. The social scale indicates the price volatility leading up to the event,” Sentiment said.

The ETH community has shown support for network upgrades for the world’s second largest crypto asset since its inception. In the first week of Beacon Chain’s launch, Ethereum 2.0 deposit contracts attracted over 1 million ETH. The number reached over 3 million in February 2021 and 13 million in July 2022.

Ethereum dominance

The overall dominance of ETH in the crypto market is increasing. Ethereum now accounts for more than 20% of the market capitalization of cryptocurrencies, up from nearly 14% in July 2022.

“For the first time in history, ETH Options Open Interest at $6.6B surpassed BTC Open Interest at $4.8B. This mid-September convergence appears to be the result of traders betting big with call options,” Glassnode noted.

In the last 24 hours, whale ETH transactions have jumped significantly. According to the latest data posted by Whale Alert, a large crypto address moved 20,000 Ethereum worth more than $38 million from Huobi to Binance on Friday, August 12 at 03:33 UTC.

With a price increase of over 13%, Ethereum remains the best performing crypto asset in the top 10 over the past seven days. The main reason for the price recovery is the growing interest in upgrading the ETH network (Ethereum 2.0).

According to Etherscan, a block explorer and analytics platform for Ethereum, the ETH 2.0 deposit contract now has more than 13.29 million tokens, the highest level on record. Amid the price surge, the total value of Ethereum under the deposit contract is now around $25 billion.

“With Ethereum’s last TestNet integration on Thursday, prices briefly jumped above $1,900. Developers have confirmed that the much awaited ETH update will happen on September 15th or 16th. The social scale indicates the price volatility leading up to the event,” Sentiment said.

The ETH community has shown support for network upgrades for the world’s second largest crypto asset since its inception. In the first week of Beacon Chain’s launch, Ethereum 2.0 deposit contracts attracted over 1 million ETH. The number reached over 3 million in February 2021 and 13 million in July 2022.

Ethereum dominance

The overall dominance of ETH in the crypto market is increasing. Ethereum now accounts for more than 20% of the market capitalization of cryptocurrencies, up from nearly 14% in July 2022.

“For the first time in history, ETH Options Open Interest at $6.6B surpassed BTC Open Interest at $4.8B. This mid-September convergence appears to be the result of traders betting big with call options,” Glassnode noted.

Over the past 24 hours, Well ETH transactions have seen a huge jump. According to the latest data posted by Whale Alert, a large crypto address moved 20,000 Ethereum worth more than $38 million from Huobi to Binance on Friday, August 12 at 03:33 UTC.

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