Ethereum: Bulls Maintains their Priority as Retail Investors Stack Up
As the Ethereum network journeys fast unto its proposed shift from the Proof-of-Work (PoW) network, to the highly anticipated Proof-of-Stake (PoS) blockchain dubbed Ethereum 2.0, a number of stakeholders in the blockchain ecosystem are positioning to get the best of from the anticipated changes.
Just as previously reported, the challenges of the Ethereum network are primarily based on high gas fees brought on by network congestion, high latency, and lack of scalability. The switch to Ethereum 2.0 is billed to addressed this issue. There was a temporary measure, through the recently launched EIP 1559 upgrade ushered in to address the gas fee, however, many experts posits that the Ethereum 2.0 framework is what will permanently address these listed woes.
The outlook of the Ethereum per its future functionality is on track to blossom. The usability of the network will be enhanced, as users will pay less to utilize the wide range of products on various smart contracts and DApps that are currently resident on the network. The future outlook of the network is also reflective in its native cryptocurrency, the Ether (ETH), whom the EIP 1559 upgrade has made to become a deflationary asset.
The Disposition of the Ethereum Network Investors
For the investors or backers of the Ethereum Network, there are clearly two fundamental ways in which the embrace to the future of the blockchain is being pursued. First, the retail investors are stacking up as best as they could. This buyup has stirred a growth in the number of addresses holding at least 0.01 Ethereum coins which just reached an All-Time High (ATH) of 16,673,156 according to Glassnode.
📈 #Ethereum $ETH Number of Addresses Holding 0.01+ Coins just reached an ATH of 16,673,156View metric:https://t.co/XXb0u19ouH pic.twitter.com/q1DdrOxXTi— glassnode alerts (@glassnodealerts) August 24, 2021
The more buoyant Ethereum holders are choosing to bet on the network’s future by staking in Ethereum 2.0 deposit contract which requires a minimum of 32 ETH. Glassnodes data also highlighted that the Total Value in the ETH 2.0 deposit contract just reached an ATH of 7,124,898 ETH.
📈 #Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 7,124,898 ETHView metric:https://t.co/SzbMPqvhlb pic.twitter.com/KR6BsiJZsq— glassnode alerts (@glassnodealerts) August 24, 2021
The Ethereum network has a number of backers who are staunch believers in what the protocol has to offer in the journey toward decentralized economy in the near future. At the time of writing, Ethereum is changing hands at $3,188.21, down 3.70% in the past 24 hours according to CoinMarketCap.Source