There has been a significant surge in interest in staking Ethereum in recent days. Will there be a surge in price for ETH?
The ETH2 Beacon Deposit Contract, the backbone for staking deposits in Ethereum 2.0, has reached a new peak, locking in a whopping 47.36 million ETH. This represents a significant chunk of the total supply, amounting to 33.9%.
With a significant portion of ETH locked up in staking deposits, the circulating supply of ETH effectively decreases. This can lead to upward pressure on the price due to basic principles of supply and demand. Moreover, this decline in activity coincided with the number of NFT trades occurring on the Ethereum network falling.
This could be due to a number of factors, such as high gas fees, a lack of new applications, or a general bearish sentiment in the cryptocurrency market.At press time, ETH was trading at $3,087.00 and its price had grown by 10.91% since the 10th of July. Despite the surge in price, the overall trend for ETH remained bearish.
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