Investors remain relatively bullish on Ethereum, as lately, they have been eager to acquire Ether at above the $1,500 mark.
Ethereum has had sustained outflows over the last 3 weeks and now we have more than 3.5 million Ethereum staked in 2.0. The exchange reserve on Ethereum is declining constantly. This reflects accumulation and confidence in the market.
Ethereum reserve in all exchanges hit the two-year low.
READ: Ethereum, second most valuable cryptocurrency, surges over 88% since March
$ETH reserve in all exchanges hit the two-year low.
Chart 👉 https://t.co/3roWVkyGFN pic.twitter.com/1uiDbv5ljM
— CryptoQuant.com (@cryptoquant_com) March 19, 2021
However, at the time of drafting this report, a significant amount of profit taking was observed, as the utility crypto traded at $1,776.17 with a daily trading volume of $25.4 billion and is down 3.38% for the day.
It’s also critical to note that miners remain more attracted to Ethereum as they earn almost four times more than those in the Bitcoin network. Ethereum’s fees which amount to the total dollar value spent on the Ethereum blockchain — are at record levels, with over $8 billion in annualized fees.
READ: Morgan Stanley becomes first major U.S Bank offering clients Bitcoin
While Bitcoin, the world’s most popular Crypto asset, annualized fees are currently around $2.3 billion. This contrast highlights Ether’s growing utility and the reason why it is often referred to as digital fuel.
- The odds have been on the utility crypto’s side since its recent upgrade, Ethereum 2.0 (a network that promises better functionality and experience to the Ethereum network).
- Unique features of the notable upgrades include a shift from Proof of Stake (PoS) to Proof of work, a new blockchain referred to as the beacon chain that provides better scalability. All of this and more is expected to be phased in through a carefully planned roadmap.
Through the implementation of efficiency, enhancements, scalability, and speed, the Ethereum network becomes better without compromising its decentralization and security.
With all the hype and praise i have not seen any significant yield amount in my mew wallet. I invested $1000 in Oct.2020. .My kualian wallet read .06… & My mew wallet is $35.4 as at this morning. What is problem?
Nice Article,
However, there is a small mistake in the article, Ethereum, is actually moving from proof-of-work where miners have to do complex math to create the next valid hash to be inserted into the chain, to proof of stake, where validators with servers and 32 eth can validate a transaction and insert it jnto the blockchain, it was established with EIP-1559, that has created a big controversy, but thus new consensus is getting slowly adopted.
The change is from proof-of-work to proof-of-stake. A small mistake.
ERROR. Should read “proof of work” to “proof of stake”. Other than that… Nice article.