Ethereum Market Outlook Super Bullish as TVL in ETH 2.0 Soars Above $8B

By Godfrey Benjamin
Published April 10, 2021 Updated April 10, 2021
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Ethereum Market Outlook Super Bullish as TVL in ETH 2.0 Soars Above $8B

By Godfrey Benjamin
Published April 10, 2021 Updated April 10, 2021

Recent on-chain data from Glassnode reveals that the total value in dollar terms of Ethereum deposits locked in the network’s proposed Proof-of-Stake (PoS) model, Ethereum 2.0 has attained a new all-time high (ATH) of $8,049,974,417.34. At present, the global crypto market cap is worth $2.06 trillion, up 3.65% in the past 24 hours.

Ethereum Growth Drivers are the ETH 2.0 Investors

Ethereum 2.0
Source: Glassnode

The total value of deposits made into Ethereum 2.0 has been growing at a steady rate since the turn of the year and while the Glassnode data did not specify whether there is necessarily an increase in the actual number of Ethereum deposits, the growth may be attributed to the skyrocketing run in the price of the digital currency.

Nonetheless, the investors staking their coins in ETH 2.0 arguably have trust in the future of the Ethereum blockchain to continue its role as the bedrock of decentralized finance applications through the eventual rollout of the PoS network. The consistent backing being given to Ethereum by the PoS investors have a bullish rub off on the general price action of the coin as it continues to push to retest new highs.

Ethereum Price Outlook

At the time of writing, Ethereum is exchanging hands for $2,163.02 after surging by 3.34% in the past 24 hours according to data provided by CoinMarketCap. Ethereum bulls through their consistent push have sent the coin’s price on a parabolic run from $1,756 on March 10th to the current price today. 

While the coin broke history earlier today by trading at a new ATH of $2,197.00, the bulls will need to keep up with a consistent fight to keep the price above the $2,100 support level as rebalancing fights to discover new price terrains continues.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Godfrey Benjamin
177 Articles
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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