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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ethereum Price Slides As Staked Token Reaches New ATH Ahead Of Hyped Merge

Anifowoshe Ibrahim
Anifowoshe Ibrahim
3 years ago
2 mins read

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Created by industry experts and meticulously reviewed
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Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Despite changes in the asset’s price, Ethereum is steadily adding to the ETH 2.0 staking contract.

According to the development team, this occurs about a month before the Merge is scheduled to occur.

Ethereum Staked Token Hit New ATH

According to Dune Analytics data, more over 13.2 million ETH have been deposited to the staking contract, however there are only about 80,000 unique depositors.

Ethereum

ETH Staked on ETH 2.0 Contract. Source: Delphi Digital

The graph above shows how ETH’s amount locked in the staking contract has gradually increased and reached a new all-time high in terms of ether.

A far cry from the peak reached last year, when ETH was close to $5,000, the USD value had soared to just shy of $24 billion.

The remarkable results come as the Ethereum development team continues to provide updates on the progress of the switch from PoW to PoS.

Related Reading: The Upcoming Merge Will Not Reduce Gas Fees, Clarifies Ethereum Foundation

The most anticipated event in the bitcoin sector this year is referred to as the Merge.

Among other advantages, it should make Ethereum less energy-intensive and increase the network’s durability.

Numerous well-known crypto insiders predict that it will significantly affect the price of ETH. According to recent claims made by Arthur Hayes, it might increase the asset’s USD valuation in a manner comparable to BTC’s halving.

On the other hand, Mark Cuban cautioned that the Merge might initially be a “sell-the-news” event but thinks it’s a good move overall.

Price Have Began To Slide

According to the weekly shift in the Ether-Bitcoin cross rate, Christophe Barraud, chief economist, strategist, and top forecaster at Bloomberg, Ethereum is poised to lose ground against Bitcoin for the first time in seven weeks.

ethereum

ETH/USD trades at $1,800. Source: TradingView

After the Consumer Price Index (CPI) or inflation data report came in better than expected, Ethereum has outperformed Bitcoin in recovery despite the decline relative to BTC as both remain highly correlated with the S&P 500 stocks, according to a report published on August 17 by the on-chain social metrics platform Santiment.

Related Reading: TA- Ethereum ETH Shows Bearish Signs, Eyes $1,700 As Nearest Support

Featured image from Pixabay, Chart from TradingView.com, Delphi Digital

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Anifowoshe Ibrahim
Anifowoshe Ibrahim

Anifowoshe Ibrahim

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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