ETH breaks several records as ETH 2.0 approaches

The Ethereum community has been preparing for the launch of ETH 2.0, with a record number of portfolios now holding at least 32 ETH.

Ether (ETH) has broken several records amid news that Ethereum 2.0 could be launched as early as December 1, according to Cryptomede analysis company Glassnode.

This Wednesday’s launch of the deposit contract introduced the users‘ ability to deposit 32 Ether needed for the staking. The genesis of the ETH 2.0 beacon chain will occur on December 1 if at least 16,384 deposits of 32 ETH each are received. This is a total of 524,288 ETH, worth about $200 million.

Hours after the news was published, the number of Crypto Method addresses holding at least 32 Ether reached a historic record of 126,852. Before the last increase, that number had fluctuated around 123,000 since June this year, with fluctuations only in the hundreds of addresses.

This means that about 13% of all addresses currently with more than 32 Ether will need to place stakes to begin staking out. If this figure is not reached, the launch will be delayed until seven days after the limit is reached.

The number of addresses with at least 0.1, 10 or 100 Ether has also risen to record records of 3,616,246 addresses, 293,183 addresses, and 52,943 addresses, respectively – indicating increased accumulation of speculators as well as potential validators.

The number of Ether exchanges also reached a one-year low of 15.8 million. Referring to Bitcoin (BTC), the cryptomaniac Willy Woo said earlier this month that he believed that when the number of currencies held in exchanges dropped, „it is a sign that new buyers are coming to remove the currencies from the markets and transfer them to cold stock.

Ethereum’s balance on exchanges has shown a bart pattern over the past ten months, similar in scale to the months before the 2017 bullish market. Other signs can also be linked to this period, with the last time the price of Bitcoin reached US$14,000 and Ethereum reached US$400 simultaneously and was near the end of the high in mid-January 2018.

The Ethereum hash rate also reached an all-time high last week, at 270 terahashes or 270 trillion hashes per second.