Second largest cryptocurrency, Ethereum, recently picked up steam after breaking the psychological price of $ 2,100. ETH is down 3.58% in the past 24 hours and hit $ 2,035 during intraday trading.
Ethereum has tried to renew its upward momentum after the recent market crash that saw the price plummet from an all-time high (ATH) of $ 4,350.
ETH holders are still confident that an upward trend is in sight as they have pulled their holdings in droves from crypto exchanges, Santiment admits. The cryptanalysis company explained:
“Ethereum holders continued to make history by reducing the percentage of ETH on exchanges to its lowest level since November 2018. Falling below 18% for the first time in 31 months reduces the risk of a future big sell-off. “
The hold is usually bullish because investors own theirs Cryptocurrencies from wallets and keep them in digital wallets or cold stores for future use.
A move to Ethereum’s POS could get the $ 40 billion staking sector going
According to analysts at JP Morgan, a transition from the current proof-of-work (POWProof-of-stake (POS) consensus mechanism on the Ethereum network could boost the $ 40 billion staking industry.
They admitted that staking in the crypto industry is already generating around $ 9 billion in revenue.
Ethereum 2.0 was introduced in December 2020 to start this transition.
Ethereum outperformed Bitcoin in the first and second quarters of 2021
according to developed into a provider of market insights:
“Despite the high correlation with Bitcoin, Ethereum outperformed BTC in Q1 and Q2.”
With the debate over whether Ethereum will one day trump Bitcoin, ETH’s daily active addresses recently surpassed those of BTC for the first time in crypto history.
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