Ethereum Staking Reaches All-Time High as Investors Lock Up Their Coins
Since the recent Shanghai upgrade, more people are choosing to lock up their Ethereum coins in beacon deposit contracts. The amount of staked Ethereum has rapidly increased, setting a new record of over 25.8 million ETH, worth over $48 billion. This surge in staked Ethereum can be attributed to the introduction of a critical feature during Ethereum’s transition to a proof-of-stake consensus mechanism. The Ethereum deposit contract balance has also surpassed $40 billion, signaling a significant upward trend.
Ethereum Price Analysis
Currently, Ethereum is priced at $1,885.63, experiencing a 2.08% increase in the last 24 hours. It has also seen a 0.24% gain over the previous seven days and a 0.80% advance on its monthly chart. Recent data shows that the richest Ethereum non-exchange addresses are increasing their holdings, while top exchange addresses are at record lows. This may be due to fears of further lawsuits against crypto exchanges, such as the recent cases involving Coinbase and Binance.
Overall, Ethereum is gaining investors’ confidence as a go-to asset for passive income, with staking becoming increasingly popular. However, it’s important to remember that investing in cryptocurrencies is speculative and comes with risks.