Ethereum Rebounds as Users Slowly Transition from PoW to PoS
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The ETH community currently runs a parallel system that simultaneously runs PoW and PoS consensus mechanisms via the Bracon chain, allowing the gradual phasing out of the PoW. The network’s native token has grown by over 100% year to date and trades up by over 10% in the last seven days. That said, the current cost of becoming a validator on the ETH network is 32 ether or $95,000 using today’s exchange rate.
Notably, the number of ETH 2.0 validators has cleared another significant milestone after crossing the 300,000 mark and had a total of 300,702 validators as of February 28. The number of ETH 2.0 validators has now jumped by 9.11% year to date from 275,594 validators.
That said, the Ethereum 2.0 smart contract deposits currently hold 9.68 million worth over $28.7 billion at press time. Also, fresh deposits are added to this deposit contract daily at 32 ETH per deposit.
Meanwhile, the Beacon chain, which allows for the simultaneous operation of the PoW and PoS mechanisms, came into existence in December 2020, along with Ethereum’s Serenity upgrade, which introduced two different types of validators including proposers and attestors.
Proposers focus on bolstering the minting of new blocks while attestors validate the block’s transactions.
Key Ethereum Levels to Watch — March 2
ETH, along with the rest of the cryptocurrency market, has regained a solid bullish momentum following a sharp +14% gain yesterday. The second-largest cryptocurrency now trades at around the $3,000 mark for the first time in almost two weeks.
That said, the recent bullish momentum appears to have caught a snag at the $3,000 top as the cryptocurrency picks up more buyers around that level. So, I expect to see some bullish fireworks soon after ETH accumulates enough bulls to pull off a leg-up.
Meanwhile, my resistance levels are $2,650, $2,750, and $2,800, and my support levels are $2,570, $2,480, and $2,400.
Total Market Capitalization: $1.94 trillion
Ethereum Market Capitalization: $356.9 billion
Ethereum Dominance: 18.4%
Market Rank: #2
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