Blockchain analytics, Santiment noted a spike in ETH accumulation which comes ahead of the ETH 2.0 launch penned for July this year.
ETH near term accumulation trend could have been favored by its recent bout of sideways trading which crypto investors took as an advantage to increase their exposure to the Altcoin king. Bitcoin bulls had propelled to as high as $10,000 in the previous week while ETH consolidated within the sub-$200 regions for the past few days.
Crypto Bulls, Statistics Give Credence to ETH Dominance Ahead of ETH 2.0 Launch
ETH 2.0 which will be hallmarked by a reduction in ETH issuance and “burning” presumably marks a new dawn for staking as investors look forward to passive returns compared to the popular buy-and-hold alternative.
Source: ConsenSys Report
Mike Novogratz, CEO of Galaxy digital sees ETH $20 billion market cap as a result of network growth positing that the fact that ETH stands as a potential store of value may have contributed to its market cap. He went ahead to state that Ethereum should be valued in the crypto-space the way Wall Street values Facebook.
Image Credit: ConsenSys, Shutterstock