The total number of Ether deposited on the Ethereum 2.0 network continues to grow as more people are showing interest and looking to participate in the proof-of-stake (PoS) model.
As described by the on-chain data analysis provider Glassnode, the “total amount in the ETH 2.0 Deposit Agreement reached an ATH of 3,559,106 ETH”.
The growth of Ethereum 2.0 in terms of deposits may explain why the ongoing fight against bears in the market remains fierce. The demand for Ether to be bet on Ethereum 2.0 is subtly fighting the price drops that Ethereum is currently experiencing. At the time of writing, Ethereum is trading at $ 1,797.62, reducing weekly losses that are set at 3.27% according to CoinMarketCap.
Ethereum’s attractiveness as a transactional network is offset by high gas rates. However, investors are betting heavily on the future of Ethereum 2.0, and plans underway to implement the EIP 1559 update will help tackle the challenge of increasing network transaction fees.
Increase in the position of small holders
Amid the continued growth of Ethereum 2.0 deposit numbers, the number of small Ethereum holders is also increasing, which implies that confidence in the future of the cryptocurrency may be inspiring a new retail stack. Network data Glassnode revealed that the Ethereum number of addresses containing 0.01+ coins reached an ATH of 13,213,880.
In addition, the total number of Ethereum addresses with more than 0.1 coins also reached an ATH of 4,365,132, a move that confirms the retail storm of the world’s busiest blockchain network. As innovation is dynamic in the crypto space, retail owners are somewhat confident that Ethereum will be able to overcome their current challenges and regain paths in due course. Ether is currently eyeing the $ 2,000 psychological level and struggling to break through.