Ethereum (ETH) Daily Transaction Count Blasts Above Yearly Highs, Surpassing 1M

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Wed, 06/24/2020 - 13:33
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Vladislav Sopov
Cryptocurrency investor and dev Nick Cannon is confused by the market ignorance of the huge Ethereum (ETH) network usage upsurge. Some metrics breaking above yearly highs
Ethereum (ETH) Daily Transaction Count Blasts Above Yearly Highs, Surpassing 1M
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Ethereum (ETH) network metrics are demonstrating another spike. The daily transaction count has broken into seven-digit territories. Typically, this level of activity surrounds rallies.

One million transactions

Today, on June 24th, 2020, the total quantity of transactions confirmed by Ethereum (ETH) network nodes in 24 hours surpassed the one-million level. It exceeded one-year highs and is now inching closer to the insane figures of January, 2018.

Ethereum (ETH) network transactions count surpasses 1M level
Image by Etherscan

It should be noted that the Ethereum (ETH) price reached its ATH amid similar network activity levels. On January 13, 2018, Ether was worth $1,448 or almost 500% higher than today.

Ethereum (ETH) investor and developer Nick Cannon is confused by the pale performance of the Ethereum (ETH) market, which is refusing to react to this process:

Ethereum daily transactions just shot past 1 million for the first time since June last year. Market still sleeping on all this.

Asked about the possible reasons for this activity upsurge, Mr. Cannon unveiled that it could partially be explained by the recent gas limit increase. He isn't very excited about this decision from Ethereum miners. 

As covered by U.Today Crypto News, Ethereum Foundation's Vitalik Buterin also criticized this novelty, as did the bulk of Ethereum developers. Prominent Ethereans are concerned with increased network vulnerability.

Why is the market sleeping?

However, Ethereum (ETH) markets are refusing to rally on this bright news. As revealed by Skew analysts yesterday, on June 23rd, 2020, Ethereum (ETH) volatility even fails to exceed Bitcoin's (BTC).

Alongside that, many analysts believe that the Ethereum (ETH) price is on the verge of a huge move. Dutch crypto and stock trader Michael van de Poppe predicts that Ether may gain 25% in a couple of weeks.

Ethereum (ETH) investor Ryan Sean Adams foresees that the ongoing DeFi euphoria will ultimately result in Ether price progress. Also, analyst Chris Burniske emphasizes that Bitcoin (BTC) and Ethereum (ETH) fundamentals are still strong and they both have a bright future.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

News
Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)