Despite changes in the asset’s price, Ethereum is steadily adding to the ETH 2.0 staking contract.
This happens approximately a month before Merge, according to the team.
New ATH for Ethereum Staked Token
Dune Analytics data indicates that 13.2 Million ETH were deposited under the staking agreement, although there is only approximately 80,000 distinct depositors.
ETH is Stripped on ETH 2.0. 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.
It was a long way from the high of last year when ETH was just $5,000. However, USD has risen to just under $24 Billion.
As the Ethereum team keeps updating us about the progress of switching from PoW into PoS, the remarkable results continue to be reported.
Merge, the biggest event this year in bitcoin’s sector is anticipated.
Among other advantages, it should make Ethereum less energy-intensive and increase the network’s durability.
It is predicted by many well-known crypto analysts that it will affect the price 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.
The Price of the Goods has been on the decline since 2005
The weekly Ether-Bitcoin Cross Rate shift shows that Christophe Barraud – chief economist, strategist, top forecaster at Bloomberg – believes Ethereum will lose ground against Bitcoin. This is according to seven week’s worth of data.
Trades in ETH/USD start at $1,800 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.
Pixabay. Chart from TradingView.com. Delphi Digital.