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A Fortunate New Year For Ethereum, Higher Price Gains Usher In

  • 2021 ensued a happy beginning for Ethereum
  • A direct 48% appreciation on January 1, surpassing the threshold of $1,150
  • Celebratory news for validators as higher ETH price ensures better earnings 
  • Tipping of ETH’s total value by the bullish price activity 
  • Consistent hovering of the network participation rate between 96-99% since mid- December

Ethereum, the native cryptocurrency of the respective network entered the new year 2021 in a glorious mode considering the historic peak that it strikes since January 1. The value of the cryptocurrency appreciated by 48%. The significant rise also excelled the existing threshold of $1,150 for the very first time since January 2018.

Implications of Ethereum 2.0

The respective Ethereum 2.0 version indicated a higher ETH price. This further implies higher earnings for the validators. On the other hand, it also hints at a stronger barrier for users to enter the field of traditional network. It would restrict their potential opportunities to access the network  via acquiring and depositing 32ETH. The rewards obtained by the validators of Ethereum 2.0 have remained consistent around the value of 0.008 ETH/day over the last fifteen days. Moreover, the market value of these respective yields has been a continuous increment from a rough quote of $5  to $8/day. The total worth of ETH locked into the network has been tipped past $2.4 billion by the bullish price activity as of the current status.

Current position of validators in the network

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On Dec.30, last Wednesday, it was reported that more than 1,000 new validators have locked their funds into the deposit contracts of ETH 2.0. These contracts will translate into worthy rewards in the upcoming weeks. The queue of the potential validators currently sits at the figure of 17,425. This suggests that anybody who invests in ETH 2.0 as of now with the stake of 32 ETH will have to stay put for upto 20 days at the least before they can access the network. Amongst the already hit number of 51,000 validators, the majority of these members are utilising complete benefits of their respective roles. The potential benefit involves proposing, authenticating and voting on blocks. 

The entire setup gets accurately represented with the figures received through the network participation rate. The network participation rate measures the percentage of suitable validators that are available online and steadily support the blockchain’s progress. Going by the data researched, the network participation rate has wavered between 96%- 99% consistently since mid- December.

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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