Ethereum 2.0 Deposit Contract Hits 10.4 Million ETH

Since its launch, the crypto community has provided massive support to Ethereum’s network upgrade (ETH 2.0). Recently, the staking contract of the much-awaited upgrade crossed 10.4 million ETH.

According to the current price of Ethereum, the total value locked under the deposit contract of ETH 2.0 now stands at around $30 billion. In November 2021, the total value of staked ETH crossed $35 billion after the crypto asset witnessed an all-time high of almost $4,900.

Since November last year, Ethereum’s price has dipped substantially. Amid market correction, the overall value of coins staked under ETH 2.0 has also dropped significantly. The network upgrade of Ethereum started its journey in December 2020 with the launch of Beacon Chain. Within the first week, ETH 2.0 deposit contract crossed 1 million coins.

Compared to March 2021, the latest number is up significantly. During the same period last year, a total of 3 million ETH coins were staked under Ethereum 2.0 deposit contract.

Crypto Market and ETH

After a jump of more than 13% in the last 7 days, the price of Ethereum is now eyeing the important level of $3,000. In addition, other digital currencies have seen decent gains in the last week. Digital assets like Solana (SOL), Cardano (ADA) and Avalanche (AVAX) have increased by more than 10% in the last 7 days.

Commenting on the recent price movements in cryptocurrency Aave and its whale accumulation trend, Santiment mentioned: “Aave has jumped +9% in the past 24 hours, and +26% in the past week. A key aspect working in the 54th largest crypto asset's favor is the fact that key sharks & whales have collectively accumulated 70,000 AAVE in the past 2 months, worth $10.7 million.”

The market cap of digital assets stands at around $1.94 trillion, which has increased marginally in the last 24 hours.