On the Ethereum 2.0 deposit contract, more than half of the ETH required for staking is blocked

The number of ETH on the Ethereum 2.0 deposit contract has increased significantly over the weekend. Currently, 293,700 ETH is blocked in the contract – more than half of the coins needed to start staking.

Recall that to launch staking on the Ethereum network, it is necessary that ETH owners transfer 524,288 coins to a deposit contract before December 1. Back on Saturday, only 151,000 ETH was blocked in the contract, and now the amount of funds blocked in the contract exceeds $170 million.

Analysts noted that the more ETH is transferred to the deposit contract, the more the rate of the second cryptocurrency increases. However, the dependence can also be reversed.

However, if on Saturday the price of ether only broke the $500 mark, then at the moment ETH is already trading at $580. Cryptocurrency enthusiasts are confident that ETH will continue its growth and the next target for the ether rate will be $620.

Recall that the investment company IBC Group from Dubai intends to invest $10 million in the staking of Ethereum 2.0. For this, it will transfer 21,984 ETH to a deposit contract.