Investors Accumulates Ethereum as the 2.0 Upgrade Approaches
On Oct 20, 2020
Ethereum investors and holders accumulate the ETH as the arrival of 2.0 Ethereum is expected, and confidence in this cryptocurrency increases.
The price of Ethereum has been volatile recently but showing a generally positive trend. Ethereum has reached its all-time high level on the 1st of September at $476. From the 7th of October till the 12th of October, the value of Ethereum increased from $341 to $385. From the 12th of October, this positive trend becomes volatile, and now Ethereum worth $368. Ethereum displayed a 2.8% fall during the 20th of October.
Investors Accumulates Ethereum Before 2.0 Upgrade
According to Santiment, the accumulation of Ethereum increased. During the last two months, investors and Ethereum holders moved their funds to the non-exchange wallets at an impressive rate. This trend is the result of the confidence of people in Ethereum. This movement is also at the institutional level. Grayscale Investment’s Ethereum Trust accumulated 2% of the ETH the circulation, according to Barry Silbert, CEO of Digital Currency Group. “While everybody has focused on our bitcoin accumulation, the @GrayscaleEthereum Trust now holds over 2% of all ETH in circulation.”
? $ETH‘s top 10 whale exchange addresses have continued swapping their funds to non-exchange wallets, & moving holdings at an impressive rate. The 20.5% decrease in tokens on exchanges the past 2 months indicates price confidence by top #Ethereum holders. https://t.co/zC5GvgoUN7 pic.twitter.com/xG3HJcz9sY
— Santiment (@santimentfeed) October 19, 2020
Support for the Ethereum
Lately, the community criticized Ethereum for about two months due to the high transaction fee and the congestion issues. People do not believe that the scaling problem will have a solution unless the 2.0 version is released. Heath Tarbert expressed his support for Ethereum. The chairman of the U.S. Commodities and Futures Trading Commission (CFTC) said that he is impressed by the Ethereum “period.” He expressed his support by saying, “if the Bitcoin is an email, then Ethereum is the internet.” This kind of expression will serve Ethereum to become more confident in markets.
