Ethereum ETH/USD — the cryptocurrency that spawned the Web3 revolution — has a faithful community, as demonstrated by the rapid growth of the funds that have already irreversibly transitioned to the next iteration of the network.
What Happened: The Ethereum 2.0 deposit contract just reached an all-time high of 14,796,759 ETH, equivalent to nearly $23.7 billion at the time of publication, according to data provided by blockchain data analytics firm Glassnode. Considering that moving ETH onto the Ethereum 2.0 blockchain is irreversible, this metric is often viewed as a demonstration of community confidence in the network's future iterations.
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Also earlier today, the number of Ethereum addresses holding at least 1,000 ETH — equivalent to $1.6 million — reached a one-month high of 6,331, with the previous one-month high of 6,328 reported on Oct. 7, 2022. Back in June, Ethereum on-chain data showed the network had been seeing significantly less usage than it used over the past two years. Still, despite this, the core community is seemingly committed to the protocol's future.
Recently a crypto market analyst suggested that the market has yet to see Bitcoin's BTC/USD bottom for this bear market and we will most probably have to wait until 2024 for the next crypto bull market.
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