In preparation for version 2.0, more than 100k ETH are currently being staked.
Analysts have high hopes for Ethereum prices in the coming months
Bitcoin is of course in the limelight with its relentless rally nearing its all-time high – Ethereum, on the other hand, is still a long way from its personal milestone.
As BTC climbed to its highest price since January 2018, Ethereum hit a new 30-month high of below $ 490. This step came early Wednesday morning and built on the dynamics of recent weeks.
This marks the highest price that Ethereum has seen since June 2018 – in the period after the crypto market bubble burst. This time around, things are moving in a more positive direction, and many industry watchers expect even bigger gains for ETH:
$ 800 is not an unrealistic target for ETH, it would currently still be 42% below its all-time high, while Bitcoin is currently only 12% below its own ATH.
Ethereum validator Tyler Smith has targeted a four-digit price for ETH for the first quarter of 2021 – provided the beacon chain is started and Bitcoin does not enter a major correction phase .
ETH 2.0 staking is progressing slowly
The momentum is likely to increase further if phase 0 of ETH 2.0 can actually reach its genesis this year. At the moment this seems unlikely as the first staking is only slowly gaining traction.
According to the last update of the ETH 2.0 staking progress bot, over 100k ETH have now been staked. This corresponds to just under 20% of the total amount that is required by November 24th to enable the genesis of the Beacon Chain on the predicted date on December 1st.
Little incentive to stake
Of the around 1.8 million ETH transfers out of Uniswap in the last week, only very few were included in the staking contract. 23.5% of that amount would be enough to achieve the goal – but the DeFi farmers have other ideas, and most of that has been shifted to alternative protocols like SushiSwap.
There is little incentive to stake ETH at the moment as there are no rewards until the main network launches. Given the one-year lock-up period, trading or farming seems to be the better choice right now for the majority of Ethereum holders.