News

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

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. 

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. 

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.

Recent Posts

Divided We Fall? Why Crypto Exchanges Should Work Together

Widespread availability of reliable information is crucial to the efficiency of markets and information in…

13 hours ago

Know how Monero’s Supply Capitalization adds value to cryptos

Not all cryptocurrencies offer the most collective features of privacy, security, or fungibility at the…

15 hours ago

A Best Buying Opportunity For Cardano & Litecoin Price!!

With the crypto markets marking a decent recovery, most of the tokens have flipped the…

15 hours ago

This Is When Bitcoin Price May Rally High To Hit $100K!

Bitcoin price after an extended consolidation underwent a magnificent rally which pushed the price above…

15 hours ago

ADA Price holds up well! Cardano Blockchain On To Big Ups in Next 2 Months

Cardano Price is fairly calm today after a dive yesterday following a Bitcoin downtrend from…

17 hours ago

After Amazon Shock, Bitcoin Price Gains Were Abruptly Abandoned. What’s Next for BTC Price?

Yesterday, Bitcoin Price consolidated in a range and pushed to $40,550 before being rejected. It…

18 hours ago