The cryptosphere has been holding onto its market cap levels of around $2 Trillion. The industry is in dire need of major impetus, that would propel the gains to greener double-digits. From the current bland digits which are influenced by market winds. In the interim, the legacy coins Bitcoin and Ethereum have been waiting to hop onto the bandwagon of the bulls.
The top-tier assets have been on a quest for a major boost, that would propel the price metrics. While the star altcoin Ethereum has been eagerly waiting for its merger to ETH 2.0. Bitcoin’s major event the halving lies far off from the horizon. Wherefore, crypto proponents have been contemplating the implications of the two major events. On the other hand, ETH 2.0 welcomes another $38 M in staking.
ETH 2.0 To Turn Tables Before Bitcoin’s Halving!
While Bitcoin is still mid-way to its halving event which is expected to arrive by the summer of 2024. Crypto folks have pinned a hawkish sight on the star altcoins transit to ETH 2.0. Which is anticipated to arrive by summer this year. Savvies believe ETH 2.0 to be a much important event, as the merger will help reward 1370 ETH to validators daily. That is $4M, which is almost 10 times less than the current $38 M.
Successively, in comparison Bitcoin’s halving would reduce the rewards from $38M to $19M per day. Wherefore, investors have been staking huge funds in ETH 2.0 deposit contracts, as previously reported by CoinPedia. Consecutively, Ether Capital Corporation has added an additional $38 Million to ETH 2.0 staking.
The firm’s portfolio has over 44,000 ETH and intends to allocate 65% of its total balance in ETH. The growing delegations to the ETH 2.0 deposit contracts, enlightens on the optimism around the merger. Investors and traders are optimistic about ETH claiming the $8,000 price tag by the end of the year. Considering ETH 2.0 to be a catalyst.
Are These Metrics A Sign Of An Incoming Bull Run?
While Bitcoin’s halving remains far off the perimeter, certain on-chain metrics have been signaling positive numbers. According to sources, Bitcoin’s hash rate recently hit a new record high of 248.11 M terra hashes per second. This is a 200% leap since its bottoms to 82 M terra hashes from mid-2021. The feat comes as BTC on exchanges hits a 3-years low.
On the contrary, Ethereum’s hash rate has reached an ATH of 1,149,964,568,610,810. The
previous ATH of 1,132,434,597,156,380 was observed on the 30th of January 2022. Moreover, the miner revenue of Ethereum has reached a 6-month low of $1,797,597.04. The previous 6-month low of $1,911,931.47 was observed on the 13th February 2022.
Summing up, while the two major events hold massive significance in the industry. The aforesaid metrics hold a bullish outlook in the short term. The higher hash rate signifies that the digital asset is now more secure against attacks. Which would help an influx of newer users until the events fall into place. Which eventually would help drive the price to greater highs.
Source: https://coinpedia.org/altcoin/btc-and-eth-poised-to-run-to-an-ath/