Total value staked in Eth2 soars to new heights, should you invest in ETH?

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where to buy ethereum (eth)

Ethereum ETH/USD is one of the largest cryptocurrencies in terms of both market capitalization as well as its utility within decentralized finance (DeFi).

In fact, it sits at number 2 of the top 10 cryptocurrencies, right under the Bitcoin BTC/USD cryptocurrency.

Throughout the past few years, Ethereum has been working on the development and implementation of Eth2.0, which will drastically change the way the network processes transactions.

Specifically, it will move from the Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS).

Total value staked in Eth2 soaring to new heights prior to the merge

According to data conducted by Glassnode, the total number of Ether (ETH), which is locked in Ethereum’s Eth2.0, has surpassed 12.764 million.

In fact, ever since Eth2.0 staking went live in November 2020, 398,000 unique validators have deposited Ether on the beacon chain. 

An additional 19,800 validators were onboarded within the last 30 days, and the total number of Ether is now equivalent to 10.73% of the circulating supply.

It is worth $23.2 billion at the current price of Ether. 

Should you buy Ethereum (ETH)?

On June 6, 2022, Ethereum (ETH) had a value of $1,900.26.

eth usd 4

To get a better perspective as to what this value point represents for the ETH cryptocurrency, we will be going over the cryptocurrency’s all-time high point of value, alongside its performance throughout the previous month. 

The all-time high of the Ethereum (ETH) cryptocurrency occurred on November 10, 2021, when the token reached a value of $4,878.26.

However, when we go over the performance of the token throughout the previous month, Ethereum (ETH) had its highest point of value on May 4 at $2,951.12. Its lowest point was on May 12 at $1,807.62.

Here we can see that the cryptocurrency decreased in value by $1,143.5 in value, or by 38%.

With this in mind, at $1,900.26, ETH is a solid buy as the cryptocurrency can climb to $2,200 by the end of June 2022.

The post Total value staked in Eth2 soars to new heights, should you invest in ETH? appeared first on Invezz.

from Market Analysis – Invezz

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