Ethereum 2.0 Staking Reaches 100,000 ETH While Prices Hit 30-Month High
Bitcoin has been hogging the limelight with its unrelenting rally approaching its all-time high price, but Ethereum is still a long way off its own personal best milestone.
As BTC reached its highest price since January 2018, Ethereum tapped a new 30-month high a shade under $490. The move came early Wednesday morning, building on the momentum from the past few weeks.
This marks the highest price Ethereum has seen since June 2018 in the aftermath of the crypto market bubble bursting six months before it. This time around things are moving in a more positive direction and many industry observers are expecting even bigger gains for ETH:
$800 ETH is not an unrealistic target and would still be 42% off its all-time high at that point, whereas Bitcoin is currently only 12% short of its own ATH.
Ethereum validator Tyler Smith has targeted a four-figure price for ETH in the first quarter of 2021 providing that Beacon Chain does launch and Bitcoin does not enter a huge corrective phase.
ETH 2.0 Staking Progresses Slowly
The momentum is likely to continue to build if Phase 0 of ETH 2.0 can actually achieve genesis before the end of this year. At the moment this is looking unlikely, as initial staking has been slow to gather steam.
According to the latest update from the ETH 2.0 staking progress bot, over 100k in ETH has now been staked. This only equates to just below 20% of the total needed by Nov 24 to enable a Beacon Chain genesis event to occur on the predicted date of Dec 1.
Little Incentive to Stake
With around 1.8 million ETH leaving Uniswap over the last week, very little of it has been staked in the deposit contract. Only 23.5% of this total would be enough to reach the target, but DeFi farmers have got better ideas, and the majority of it has been shifted into alternative protocols such as SushiSwap.
There is little incentive to stake ETH at the moment as there are no rewards until the mainnet launch. When considering the one-year lockup requirement, trading or farming the asset seems to be a better bet for the majority of Ethereum holders.