It was a pretty good weekend for ETH HODLers, with the current bull run taking the Ether price from $510.43 to $560.01, and on Monday (November 23), Ether’s bullish momentum is not showing any signs of slowing down.
According to data by CryptoCompare, around 09:35 UTC on Monday, the Ether (ETH) price broke through the $590 level for the first time since June 2018. Currently (as of 10:27 UTC on November 23), ETH-USD is trading around $591.64, up 9.93% in the past 24-hour period.
This meant that since the start of the year, Ether has gone up over 360% vs USD; in contrast, Bitcoin’s year-to-date return on investment (vs USD) is +160%.
Per data from AI-powered blockchain data provider CryptoQuant, the Ether price seems to be showing a positive correlation with the ETH balance of the Eth2 deposit contract, as the firm’s CEO pointed out earlier today:
As for the upcoming launch of the Beacon Chain, which is known as phase 0 on the Ethereum 2.0 roadmap, according to Etherscan, as of 11:02 UTC on November 23, so far 305,952 Ether (worth over $182 million) has been sent to the Eth2 deposit contract address, and since 524,288 ETH is needed for the launch, it means that we are 58.35% of the way there.
According to GitHub records, the ETH 2.0 deposit contract address is 0x00000000219ab540356cbb839cbe05303d7705fa, and the Eth2 Beacon Chain genesis should be taking place in early December (the earliest it will happen is 12:00 UTC on 1 December 2020). Before the genesis block can be launched, a minimum of 524,288 ETH from 16,384 validators needs to be staked.
Users who stake a minimum of 32 ETH on the new network will begin receiving rewards at the onset of the genesis event, with the expected inflationary interest between eight and fifteen percent.
On Sunday (November 22), crypto investor Ryan Sean Adams, who is the Founder of Mythos Capital, the author of popular DeFi newsletter “Bankless”, and the co-host of the “Bankless” podcast, had this to say about why investors should pay attention to Ethereum:
Also, according to Coindesk, yesterday, a Non-Fungible Token (NFT) representing a piece of digital artwork (titled “EthBoy”) by artists Trevor Jones and Alotta Money, which was inspired by Ethereum creator Vitalik Buterin. was sold for 260 ETH.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.