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Ethereum 2.0 Deposit Contract Now Has 6 Million ETH

Ethereum 2.0, the network upgrade of ETH, crossed 6 million staked coins under its deposit contract on Thursday, its highest level on record. In May 2021, the staking contract of ETH 2.0 reached 5 million Ethereum.

Etherscan, a blockchain explorer and analytics platform for Ethereum, highlighted that the total value of the staked ETH under the deposit contract of ETH 2.0 touched $12.7 billion today. ETH community has fully supported the network upgrade since its official launch in December 2020.

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As far as Ethereum’s price action is concerned, the world’s second-largest cryptocurrency is up by more than 10% in the last 7 days. During the last 5 days, ETH remained the best performing crypto asset among the top 5.

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Ethereum is currently trading near $2,100 with a market cap of over $245 billion. ETH saw a massive jump in its crypto market dominance this week. The digital asset now accounts for approximately 18% of the total crypto market cap.

Ethereum Network Activity

Overall, the network activity of Ethereum has jumped substantially this week. ETH whale transfers and active ETH addresses are on the rise. “Ethereum has been volatile since surpassing Bitcoin’s daily address activity for the first time. Our whale tracking data indicates that ETH whale address holding 10k+ coins now hold 70% or more of the supply for the first time since September 2017,” crypto analytics firm Santiment mentioned on Twitter. In the last week, Ethereum-related investment products saw $50 million worth of outflows, the highest level on record. However, the overall institutional inflows in ETH investment products remained positive in 2021.

Jim Cramer, an American television personality and the host of CNBC’s Mad Money program, recently said that he likes Ethereum more than other digital currencies. Cramer added that he is planning to expand his ETH portfolio after selling his entire Bitcoin holdings. Cramer praised the use of the world’s second most valuable digital asset in other crypto products like NFTs.

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