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Ethereum 2.0 Deposit Contract Address Is Live!! Will ETH Break $1K?

Highlights

    Staking on ETH2.0 network is live now with the release of the deposit contract address.

    ETH worth millions already locked on the network within hours of going live

More than $6 million worth ETH locked

The much-awaited project within the crypto space has kick-started with the release of the Ethereum 2.0 deposit contract address. The address would be the first physical release for the everyday users of the crypto space. The genesis block is expected was set first in the first week of January but now it has been set as December 01 2020. 

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With the announcement of the release on its official blog, the post mentioned the conditions which need to be fulfilled for the release of Genesis. Initially, 16384 depositors with 32 ETH each have to deposit to bring the total to 524,288 ETH to trigger the genesis block. However, lower denominations are also welcomed.

Therefore, if the genesis block is scheduled on Dec 01, then the said amount of ETH should be deposited 7 days before. If failed, genesis will be triggered 7 days after the threshold is met.

As per Etherscan, the mentioned contract address is worth more than $6 million with 15,397 ETH.  

Interesting Read: Ethereum Layer 2 Will Make Blockchain Gambling Mainstream

Will ETH break $1000 before Bitcoin breaks $20,000?

In the mid of the chaos of the US Presidential elections, two major events in the crypto space occurred. One, bitcoin worth $1 billion moved from the address related to the darknet silk road and the other is the release of the contract address.

Currently, Bitcoin and Ethereum both appear to be strongly heading towards their respective targets. But the prime focus would be who will achieve their targets first?

At the time of composition, Ethereum price stands at $403.12 with a massive jump of 4.66 percent. Bitcoin price also is not behind in the race, it has also surged phenomenally with 3.09 percent touching $14,304 in the past working day. 

Therefore, both seem to be in a very tight race showing a strong tenacity towards their goal which is speculated to be fulfilled by many in the crypto space. 

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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