Ethereum enthusiasts accumulate nearly 80% of ETH supplies for ETH 2.0 staking

The cryptomontage community is gradually preparing for Ethereum 2.0, and it has been revealed that almost 80% of the total ETH supply is kept in portfolios of people preparing for the staking implicit in the ETH 2.0 PoS.

Is ETHEREUM consolidated around US$ 240?

Why accumulate ETH before the launch of Ethereum 2.0? Simple: Staking
Although it may seem obvious to many, perhaps there are those who do not understand the relationship between accumulation and participation in a Staking system. First of all, you should know that the novelty of ETH 2.0 is that it will work with a PoS or „Proof of Stake“ system.

This means that people who have more accumulated cryptomonies will have more opportunities to participate in the validation process of operations within the Blockchain. In this case ETH is accumulated, to validate blocks in ETH 2.0.

Within the PoS system, miners do not compete for the right to validate transactions. Instead, this capacity is assigned to them at random by the cryptomechanism system, so those who have the greatest possibilities are those who have the greatest amount of the asset in question.

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Accumulation of almost 80% of the Ether supply (ETH)
Having understood this, we can understand why about 86 million ETH are stored in non-exchangeable portfolios. The idea of accumulation is to have more possibilities within the ETH 2.0 system.

According to the latest report by ConsenSys, the infrastructure developer of the Blockchain Ethereum, almost 80% of the total supply of ETH is kept accumulated. This report is called „Economic Review of Ethereum 2.0“, published on July 16th.

Specifically, according to the report, 77.7% of the current ETH supply is in portfolios containing more than 32 ETH. The latter is relevant if we consider that 32 ETH is the minimum amount required to earn rewards through staking in ETH 2.0.

While the implementation of Corona Millionaire 2.0 is expected to reach the end of 2020, the network has been in a test network. This has been known as the „Beacon“ since May 2020.

In addition, in early May, ConsenSys published a report revealing that 66% of ETH holders plan to bet their coins as soon as the first phase of ETH 2.0 deployment is completed.

With this we can conclude that preparation is key for all those who anticipate the success of ETH 2.0. That’s why we want to know: are you also part of the group that is accumulating ETH right now in order to participate in the staking of this Blockchain?

Bitcoin loophole price flirts with the 630 US dollar mark

The Bitcoin exchange rate rose last Thursday by just under 2% and thus came very close to the 630 US dollar mark again for a long time.

The Bitcoin loophole price upturn of the past few days cannot be associated with any relevant media event

The Bitcoin loophole trading volume was also at a generally low level. In view of these two lukewarm factors, Petar Zivkovski of Bitcoin Whaleclub concludes that has a short but strong impulse. Currently the price is 548 Euro and 618 US-Dollar respectively.

The price increase over the past six days with the final push on Thursday was accompanied by a long-term optimistic attitude of investors. According to Whaleclub data, the share of long positions was 87%. Also on Sunday, when the price per Bitcoin cracked the 600 US Dollar mark again for the first time, the share of long positions was 80%.

The breakthrough above the $600 mark was a psychologically important step for Bitcoin. After the Bitfinex Hack, in which more than 120,000 BTC were lost, the price was far below this mark for a long time. The market reacted promptly with a 20% drop in prices.

Speculators still dominate the market

Zivkovski is not alone in claiming that the Bitcoin market is largely driven and determined by speculators.

Cryptocurrency investment fund manager Jacob Elioshoff says the Bitcoin market has a not too healthy speculator/user rate:

„Most traders buy only with the goal of making the biggest possible profit. I think if Bitcoin continues to expand its user base, we will see less up and down price jumps.“

Should the digital currency actually benefit from a rapidly growing user base, we may be able to expect an equally rising exchange rate.

However, as this scenario takes time, Zivkovski assumes that the Bitcoin price will continue to rise sharply once the USD 600 mark is reached.

„The price above the USD 600 mark remains stable without any significant setbacks. In addition, we are increasingly reaching new highs, which speaks for a bullish sentiment. I.e. new capital flows into the Bitcoin market.“

Zivkovski believes that the currently prevailing market dynamics can drive the price up very easily and quickly. With a strong firepower to crack the resistance of the 640 US dollar mark this should be possible.

On the other hand, the exchange rate could also fall below the 600 US dollar mark and put a quick end to the short-term upswing.