ETH Reaches 2 Year High As Ethereum 2.0 Deposit Pool Hits 20%

News / 20.11.2020

Leading altcoin, Ethereum achieved a major milestone as its price touched the $500 mark for the first time in two years. Ethereum experienced a major surge in the early hours of the day and moved past the $500 barrier.

There was a sharp correction for the altcoin, which retracted to $495 for a few hours. However, at the time of publication, Ethereum is valued at $505, an increase of 8.35% in the past 24 hours. The altcoin has also seen its market cap increase to $57 billion.

As expected, one of the major causes of the rally was the movements of Bitcoin. The leading coin is known to pull its weight on the crypto market, and Ethereum is not an exception. Bitcoin is currently valued at $18,268 and is firmly on the path towards hitting $20,000 in the coming days.

Ethereum’s price is not the only metric mooning as the blockchain hashrate has hit record levels. According to data from the block, the mining hashrate crossed 256 terahash per second (TH/S) in the last 24 hours.

This sharp surge in the hashrate suggests that more miners have joined in the mining of ETH. We can’t say it is surprising as the extended bullish run means that rewards are more profitable for miners. Ethereum mining will cease in the future as the network is moving to an energy-efficient proof-of-stake protocol.

Ethereum 2.0 Deposit Pool hits 20%

The recent price surge of ETH could also affect the upcoming Phase 0 of Ethereum 2.0 expected to be launched on December 1.  At the moment, a total of 106,976 ETH has been deposited into the deposit smart contract pool. This represents 20.4% of the total number (524,288 ETH) required to launch the initial phase of ETH 2.0.

The slow pace of deposits has caused concerns within the Ethereum community. If the deposits are not complete by November 23, the launch will be delayed by a week. Yesterday, Dubai investment firm IBC Group invested 21,000 ETH in the launch of Ethereum 2.0. There is a growing expectation that there would be a rush to deposit ETH by whales before the deadline on Sunday.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.