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
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.