• 13 July, 2024
Markets News

Ethereum’s Beacon Deposit Contract Holds an ATH of 47.36M ETH, 33% of Total ETH

Ethereum’s ETH2 Beacon Deposit Contract has reached a new milestone, now securing 47.36 million ETH. This figure represents 33.9% of Ethereum’s total supply. The contract’s holdings have more than tripled in the past two years, significantly increasing from the 10.9% held previously.

Data from Santiment reveals a notable shift in Ethereum’s wealth distribution. Notably, wallets connected exclusively to the Beacon Deposit Contract, each holding over 10 million ETH, have expanded their share of Ethereum supply by 23.0% in the last two years.

In contrast, medium-sized wallets have declined, holding between 10,000 and 10 million ETH and not linked to the Beacon Deposit Contract. They lost 5.3% of the total supply during the same period. Smaller wallets, those with under 10,000 ETH, also experienced a drop, decreasing by 17.7% in their share of the supply.

This redistribution of Ethereum signifies a growing concentration in the ETH2 Beacon Deposit Contract as Ethereum progresses towards Ethereum 2.0. This transition is central to Ethereum’s strategy to enhance network security and scalability through advanced staking mechanisms. The increasing stake in the Beacon Deposit Contract underscores its pivotal role in the network’s evolution, reflecting a deepening commitment to its long-term vision.

Ethereum has exhibited strong performance over the past nine weeks, as observed by crypto analyst Michael Van de Poppe. This trend reflects a robust 20% increase, suggesting a potential acceleration in the broader ecosystem soon.

The technical analysis on Ethereum’s weekly chart identifies crucial resistance and support zones, and currently, Ethereum’s price hovers around the $3100 mark. 

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The analysis highlights a specific area deemed critical for a possible trend reversal. Stability or an upward move in Ethereum’s price within this zone could signal strengthening momentum.

Volume trends are also detailed, with spikes in trading volume aligning with major price movements, indicating active market participation. Notably, a section of the chart illustrates an 18.73% price increase, pinpointing this segment as particularly significant for traders focusing on short to medium-term gains.

Ethereum (ETH) has experienced a modest increase in its market value, priced at $3,105.97, marking a 0.69% rise over the past day. The cryptocurrency’s market cap has also seen a slight boost of 0.70%, reaching approximately $373.36 billion. However, Ethereum’s trading volume has dipped by 29.15%, totaling around $14.92 billion within the same timeframe.

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