ETH 2.0 Gains Value as Ethereum Addresses Drop
Despite a decline in the number of addresses holding Ethereum (ETH), the value of ETH 2.0 is on a steady rise. The total number of staked ETH in the ETH 2.0 contract has been constantly increasing following the Shanghai/Shapella upgrade earlier this year.
Staked Ethereum Hits Six-Month Low
Data from Glassnode reveals a drop in the number of addresses holding more than 32 coins. This number has dipped to 127,146, marking a six-month low. The last time such a decline was witnessed was in November 2022, with this number consistently decreasing since the start of May.
ETH 2.0 Contract Holds Record Number of Tokens
In contrast to the decrease in Ethereum addresses, the total amount of ETH locked in the ETH 2.0 contract has reached a new all-time high (ATH) of 22,045,547 tokens.
Ethereum Addresses Reach All-Time High Amid Market Uncertainty
A report on May 19 highlighted that the number of non-zero Ethereum addresses hit an ATH of 99,355,406, despite the broader crypto market exhibiting signs of uncertainty.
Two Million Ether Coins Ready for Staking
Interestingly, data indicates that two million ether coins are poised to be staked on the network’s beacon chain, underscoring the growing popularity of ETH 2.0 despite the overall dip in Ethereum addresses.
Ethereum Trading Updates
Currently, Ethereum is down by 2% in the past 24 hours, trading at $1,820 at the time of writing. Additionally, its trading volume has seen a decrease of 11.2% and currently sits at $5.8 billion. This trading dip runs parallel to the declining number of Ethereum addresses, yet the rise in staked Ethereum and ETH 2.0 value remains unhindered.
Conclusion: The Future of ETH 2.0 Despite Lower ETH Holdings
The current crypto landscape presents a peculiar picture: a decline in Ethereum addresses contrasted with the growing value of ETH 2.0. This intriguing trend underlines the shifting dynamics of the crypto market and the increasing trust in ETH 2.0.
Despite the 2% drop in Ethereum value and an 11.2% decrease in trading volume, the unwavering increase in staked Ethereum paints a promising future for ETH 2.0. With 22,045,547 tokens locked in the ETH 2.0 contract, an all-time high, and two million ether coins ready for staking, the interest in ETH 2.0 is evident.
Moreover, the all-time high number of non-zero Ethereum addresses suggests that investors are holding on to their coins in anticipation of potential value appreciation.
While the decrease in Ethereum addresses may raise eyebrows, the consistent rise in the value of ETH 2.0 signifies a paradigm shift towards more stable and potentially profitable blockchain systems. As the crypto market navigates through uncertainty, ETH 2.0 presents a beacon of resilience and growth potential.