Ethereum 2.0 Contract Is Getting Bigger & Better, Contract Valuation Now Exceeds $28 Billion
Since September 2021, the valuation of the Ethereum 2.0 contract has increased by more than 1.6 Million in terms of Ether cons and US$ 4.5 Billion in terms of USD. The present value of the contract is above US$ 28 Billion and would have been higher than that had 1.5 million coins not been burnt because of the EIP-1559 upgrade.
Ethereum’s progress is threatening for Bitcoin and Bitcoin’s leading position. Although, Ethereum is four years younger than Bitcoin as it was launched in 2013 while the Bitcoin launch date was in 2009. But the time did not matter at all for Ethereum which though came four years after Bitcoin, yet its market cap has exceeded the half cap of Bitcoin.
There is this smart contract of Ethereum which is known as “Ethereum 2.0”. This contract is currently one of the most highly valued Ethereum contracts. According to the statistics provided by etherscan.io, Ethereum 2.0 now consists of more than 9 million Ether coins in it. As per today’s value of Ethereum, the valuation of the contract can be determined to be over and above US$ 28 Billion.
Since September 2021, there have been approximately 1.6 million Ether coins have been added to the contract. This means that the contract’s value as on September 2021, has increased by 22.29% which led to a value increase by US$ 4.5 Billion further. Earlier in September 2021, the contract’s value was roughly above US$ 23 Billion.
If the value surge of Ethereum is examined for the year 2021, then evidently coin’s value has surged by more than 150%. However, market conditions are slightly harsh for Ethereum for the past 30 days. Ethereum is down by 18.5% for the past 30 days and for the past two weeks, it is going down by at least 17.5%.
Similarly, Ethereum was enjoying more than 19% of dominance in the crypto market. However, the dominance too has been impacted which reduced it to below 17%.
Earlier in September, Ethereum’s value was considerably higher than its present market value. At that time, the contract’s valuation was over US$ 29.3 Billion. Though 1.6 million more coins have been added yet the price reduction has impacted upon contract’s valuation as well. In the meanwhile, approximately 1.5 million Ether coins were burnt accidentally which were part of the contract. If those coins would have survived then, as of today, the valuation of Ethereum 2.0 would have exceeded US$ 33.8 Billion.
On the other hand, Ethereum has been able to tap ATH hashpower which continues to be at its peak for the past many days. Similarly, Ethereum is ensuring its dominance in the DeFi sector as well as in the NFT and Metaverse industries. In recent times, sales of NFTs have increased and there are bright chances that Ethereum’s value would go up. If any surge happens, then the contract’s value would automatically increase.