The Ethereum community is showing strong support to the Ethereum 2.0 network. Data from Ethereum analytic provider, Etherscan, shows that the total worth of the deposit contract for ETH 2.0 has hit 28 billion.
Under the Ethereum 2.0 deposit contract, about 7.94 million ETH tokens have been staked. The token has gained price momentum and the Ethereum community seems to be offering more support. However, a surge in the world’s second-largest crypto asset has played a major role in the increased staking contract of ETH 2.0.
For the past three weeks, Ethereum has been gaining price momentum, jumping from $2,700 on September 22 to $3,650 on October 8.
ETH Millionaire Accounts Hold On To Their Tokens
Ethereum 2.0 staking contracts were slightly above 6.5 million coins in august. However, about 1.5 million ETH coins have been deposited by the Ethereum community within the past eight weeks, taking the overall staking valuation from $20 billion to $28 billion.
Also, top cryptocurrency exchanges are seeing a reduction in the supply of Ethereum, as ETH millionaire accounts prefer keeping their funds in their cold wallet. This has increased the price of the token and supply keeps diminishing.
Ethereum Keeps Surging In Price
Crypto analytics platform Santiment recently stated that the major exchange addresses are decreasing while the major exchange whale addresses keep souring. It shows that there is a noticeable sign of bulls for Ethereum if the trend continues. Unsurprisingly, the token is responding to the trend and is gradually pushing its way up.
The Ethereum held by Whales have also increased over the past few weeks, as reported by Whale Alert.
The report revealed that about $105 million worth of ETH was moved from crypto exchange Bithumb to an unknown wallet on October 13. Whale Alert stated that the transaction was also reflected on Etherscan.
Ethereum is behind Bitcoin when it comes to the most valuable crypto assets in the world. It currently has a market capitalization of $410 billion and may increase as the digit asset surges in price.