As the launch of Ethereum 2.0 draws closer, it is pertinent to decide on becoming a network validator. The ETH 2.0 deposit contract is swiftly approaching 3.5 million Ether. A significant development, especially as Ethereum’s realized price hits a new all-time high.
Ethereum 2.0 Staking Deposits Pick Up
Despite noting significant growth in Ethereum 2.0 staking deposits initially, it appears the momentum has calmed down a bit. The users who want to become network validators have made this decision already. Some new users may partake as well, even though they have already missed out on two months of “pre-staking”. Even so, there is never a bad time to contribute to the staking contract.
Currently, nearly 3.5 million ETh resides in the Ethereum 2.0 staking contract. A decent amount, although it represents less than 3% of the current circulating supply. One would expect there to be a much bigger interest in becoming a network validator at this time. For some reason, that is not the case, although these numbers are not final.
Considering how this contract holds over $6.68 billion worth of Ether, it is evident there is nothing to worry about. The Kraken ETh2 Depositor address is responsible for many new transactions, which is interesting to behold. Many people rely on third-party solutions to begin staking, even if they have to give up a cut of their potential earnings.
The next point on the agenda is to reach 4 million Ether and possibly even 5 million before Ethereum 2.0 goes live. Whether that is a realistic outlook is a different matter. Every validator needs 32 ETH to become eligible for staking rewards if they do it solo. The contract will require over 3,000 more deposits to reach 5 million ETH. It may take until the official Ethereum 2.0 launch to get that many people excited.
Ethereum Realized Price Hits An All-Time High
Seeing a surge in Ethereum 2.0 contract deposits is not too surprising. Bitcoin has hit a new all-time high, and ETH is underway to $2,000 again. Moreover, the Ethereum realized price has hit an all-time high of $693.11. The first time a value of over $600 is recorded indicates this may be the start of a much bigger bull run across all crypto markets.
The previous Ethereum realized all-time price high of significance was recorded in early 2018 at just below $400. It has taken all markets more than two years to recover from the subsequent onslaught. With new all-time highs being recorded every month, the industry is firing on all cylinders again. Given how the current price is closer to $2,000, a four-digit all-time high realized price is within reach.
All of these developments are positive for Ethereum, despite the network struggling a bit lately. High gas fees remain a pressing problem and may not be resolved until Ethereum 2.0 launches. Even so, the community remains strong, and the price is doing the same, which is all one can ask for.