The total value locked in the ETH 2.0 Deposit contract has breached $10 billion marks today with 3,994,722 ETH currently locked in these contracts. The growing value of ETH 2.0 deposit contracts have also led to a continuous dip in the market supply of the second-largest cryptocurrency which in turn has led to its growing token value.
ETH is currently trading at $2,540 with a 5% gain over the past 24-hours, however as Bitcoin and most of the altcoins are currently looking to gain the lost ground from the past week’s correction, ETH is looking to set another ATH just a week after it registered its new ATH of $2,641. The second-largest cryptocurrency has continued the bullish momentum despite network congestion and rising gas fee became a critical issue a month ago. Many believed the rising popularity of Ethereum alternatives would put a halt to the ETH bull run, however, it has defied most of those odds to continue its surge.
ETH Eyes $3,000 as Gas Fee Cools Down
The high gas fee on the network made many Defi protocols barely usable at the peak of the issue. The gas fee has cooled down significantly since then making it more viable to use and at the same time, the market supply has continued to diminish amid growing demand, thus fueling the price rise further.
The approval of the EIP-1559 proposal by developers in the upcoming London hardfork despite the reservation of the miners also helped the network solidify the trust of traders. While the complete roll-out of ETH 2.0 would take another year and a half, but despite that, the growing interest of institutions seems to be fueling the current price surge. While the US is still mitigating the launch of Bitcoin ETF, Canadian regulators have approved the ETH ETF along with a Mutual fund which suggests the demand is going to grow further.