Ethereum price smashes $500 as Eth 2.0 contract crosses 20%

Cryptocurrency Ethereum continues to surge breaking the $500 mark as Eth 2.0 contract deposits crosses over 20%.

By · Nov 20, 2020 . 5min read

Ethereum price latest news

Ethereum price surged by over 7% within the last 24 hours to smash the $500 price mark for the first time in June 2018. The second-largest cryptocurrency by market value has been on a wild run in anticipation of the next phase, which is Eth 2.0 with contract deposit already live.

With the overall cryptocurrency currently on a bullish trend, Ethereum is trading around $505 with a $57.3 billion market cap. Within 24 hours, Ethereum broke off from $472 and climbed above $505.

Ethereum price smashes $500 as Eth 2.0 contract crosses 20%
Etherum price charts

From the pump due to most DeFi projects to its current trading price, Ethereum’s Year-to-date returns stand at 284% surpassing Bitcoin’s which is 155% at its current $18K price.

Ethereum’s all-time high still stands at $1,318 a price level it hit in January 2018; the peak of the ICO mania of 2017. At the current price level, Ethereum is still down by 61%. However, the foremost smart contract platform has outperformed its post-2018 death blow periods where ETH even fell as low as $89 in December 2018.

Eth 2.0 imminent transition currently fuelling Ethereum’s price

On the other hand, Ethereum has also been getting a lot of attention as the date for Beacon Chain activation for Eth 2.0 nears. Ethereum Foundation made public the official deposit contract on November 4th. As at today, interested validators have sent 112,224 ETH to the deposit contract. The number of ETH presently in on the deposit contract represents 22.78% of the threshold mark pegged at 524,000 ETH. And in monetary value, at least $58.4 billion is locked-in on the deposit contract not to be released until the next phase of the Eth 2.0 transition.

Meanwhile, an enthusiastic Vitalik on Wednesday during an AMA organized by Ethereum Foundation on Reddit said,

merge happens faster, PoS happens faster, you get your juicy 100k TPS faster

With Ethereum performing up to 100,000 transaction per second in proof-of-stake, it will dwarf its current throughput at roughly 15 tps currently in PoW.

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