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Ether (ETH) December 4-11, 2020 – ETH2, between promises and realities – Cryptocurrencies

Physical Ethereum (ETH) coin on white surface.

Ethereum (ETH) 2.0 remains at the heart of ETH news during the period from December 4 to 11, 2020. ETH users flock to the staking services offered by the exchanges. The new version of the Ethereum network would have a lot to offer – investors, developers, and businesses alike.


ETH2: today and tomorrow

4 days after the launch of its staking services for Ethereum 2.0, deposits in ETH of US Kraken users have already passed 100,000 mark ETH, valued at approximately $ 60 million.

Kraken is not the only one to offer staking services forETH2. Binance (BNB), Huobi (HT) and Swiss Bitcoin, had also launched theirs during the first week of December 2020.

The launch of the beacon chain is the first phase towards a Ethereum scalable with eventually a processing capacity of 100,000 TPS, and abandonment of Proof of Work for Proof of Stake.

Ethereum 2.0 should also benefit companies in the long term, allowing them to launch their applications on a decentralized network.

TheETH2 would thus position itself as an alternative to corporate blockchain solutions such asIBM blockchain.

While the definitive deployment ofEthereum 2.0 will still take time, Vitalik Buterin is already talking about ways to convert CBDCs into cryptos, when he spoke at Singapore Fintech Festival 2020, on December 9th.

Bearish period for Ether

TheEther opened the day of November 4, 2020 at 615 USD. He then closed that day with a large red daily candlestick, recording a daily loss of 7.80%.

TheETH hasn’t been able to absorb that red candlestick since. It is trading at 544 USD today, December 11, 2020, as of this writing.

The considerable increase in deposits ofETH for staking on theETH2, was not enough to allow the bulls to continue their ascent above the $ 600, or maintain that level.

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Ether lost the $ 600, but the bulls can defend the $ 500. Comparatively, Bitcoin (BTC) lost the $ 19,000, but the bulls somehow manage to defend the $ 18,000. The volume of ETH staked on exchanges has exploded since the launch of the beacon chain. However, the price of Ether does not follow the same trend. Ethereum 2.0 will still take some time to be fully operational, so its impact on the price of ETH could also only be felt in the long term: a sort of “positive” time bomb to explode the price of Ether.

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