The cryptosphere has remained at its market cap levels of around $2 trillion. The industry is in desperate need of a big boost, which would propel earnings into the greener double digits. From current soft digits that are influenced by market winds. Meanwhile, legacy currencies Bitcoin and Ethereum have been waiting to jump on the bull bandwagon.
Tier 1 assets have been on the lookout for a big boost, which would boost price metrics. While the flagship altcoin Ethereum has been eagerly awaiting its merger with ETH 2.0. Bitcoin’s main event, the halving, is far off the horizon. Therefore, crypto advocates have been contemplating the implications of the two major events. On the other hand, ETH 2.0 welcomes another $38 million in participation.
ETH 2.0 to turn the tables before Bitcoin halving!
While Bitcoin is still halfway through its halving event, which is expected to arrive in the summer of 2024, the Crypto folks have set an aggressive view on the flagship altcoins transiting to ETH 2.0. It is expected to arrive in the summer of this year. Experts believe that ETH 2.0 will be a very important event, as the merger will help reward 1370 ETH to validators daily. That’s $4M, which is almost 10 times less than the current $38M.
Successively, by comparison, the Bitcoin halving would reduce rewards from $38 million to $19 million per day. Investors have therefore been betting large amounts of money on ETH 2.0 deposit contracts, as previously reported by CoinPedia. Consecutively, Ether Capital Corporation has added an additional $38 million to the ETH 2.0 stake.
The firm’s portfolio has more than 44,000 ETH and it intends to allocate 65% of its total balance in ETH. The growing delegations to ETH 2.0 deposit contracts illustrate the optimism surrounding the merger. Investors and traders are optimistic that ETH will reclaim the $8,000 price by the end of the year. Considering ETH 2.0 as a catalyst.
Are these metrics a sign of an incoming bull run?
While the Bitcoin halving remains far from the perimeter, certain on-chain metrics have been pointing to positive numbers. According to sources, the Bitcoin hash rate recently hit a new high of 248.11 million terra hashes per second. This is a 200% jump since bottoming out at 82 million terra hash as of mid-2021. The feat comes as BTC on exchanges hits a 3-year low.
In contrast, the Ethereum hash rate has reached an ATH of 1,149,964,568,610,810. The
The previous ATH of 1,132,434,597,156,380 was seen on Jan 30, 2022. Additionally, Ethereum mining revenue hit a 6-month low of $1,797,597.04. The previous 6-month low of $1,911,931.47 was seen on February 13, 2022.
In short, while the two main events have great importance in the industry. The metrics mentioned have a bullish outlook in the short term. The higher hash rate means that the digital asset is now more secure against attacks. Which would help an influx of newer users until the events fall into place. Which would eventually help push the price to higher highs.
This post Are BTC and ETH set to run to an ATH only after the Bitcoin and ETH halving 2.0?
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