Ethereum, the number two largest crypto, is on a free fall to around 18 per cent in the past five days, but this does not seem to bother the ETH investors. On the contrary, the ETH traders have increased deposits significantly by staking the Ethereum 2.0 contract in recent days.
Ethereum 2.0 Staking Contract Increases Significantly
As reported today by Etherscan, Ethereum’s top block explorer and analytics website, revealed that the deposit on the Ethereum 2.0 staking contract has increased significantly in recent times.
The total value of ETH 2.0 deposit contracts exceeded $20 billion for the first time last month, as of September, it has increased to $25 billion with more than 7.7 million ETH. In addition, the ETH invest has donated more than 1.2 million ETH based on their network upgrade custody contract in the last five weeks.
The bullish movement of ETH played an important role in the high donation toward Ethereum 2.0 deposit contract. According to Coinmarketcap, the number two largest cryptocurrency is trading around $3,200, and the total market cap is more than $375 billion.
Will Ethereum Blockchain Migration Activate Trust of Traders?
CEO of Ark Invest, Cathie Wood, praised ETH’s network upgrade earlier this month. Wood said in the previous week’s meeting that the start of Ethereum migration from PoW to PoS will increase trust in Ethereum by traders which will see a fast move upward.
However, Large capital trader Interest has increased. ETH’s GitHub trading has skyrocketed significantly in recent weeks. Santiment stated that the price of Ethereum has been very unstable lately. Even so, we have seen the significant plunging in the movement of the number two largest market cap asset on GitHub returned to May levels. It impresses everyone that the team behind Ethereum development have been creative and are improving.