Ethereum is another digital asset that exploded these days.
At the moment of writing this article, ETH is trading in the green, and the coin is priced at $616.24.
ETH is up by more than 6% in the past 24 hours.
XRP flipped ETH daily volume against USDT today on Binance.
$1.586 billion for XRP, $1.231 billion for ETH. This is crazy.
Binance also hit ATH volume today.
— Joseph Young (@iamjosephyoung) November 24, 2020
There’s massive hype around Ethereum these days just ahead of the ETH 2.0 launch.
Here’s what Binance posted on Twitter:
— Binance (@binance) November 24, 2020
The launch of ETH 2.0 is not the only trigger of the price rally
Cointelegraph notes that the massive ETH rally is not fueled only by the upcoming ETH 2.0 release.
The online publication notes that the ETH 2.0 mainnet will launch when the number of Ether (ETH) staked in the ETH2 deposit contract address hits 524,288.
Data from CryptoQuant is showing that the value staked in the ETH2 deposit contract address is showing a correlation with the ETH price.
The same publication notes that Ki Young Ju, CEO of CryptoQuant, noted that the correlation is rising as the launch date approaches.
“As the ETH 2.0 launch date approaches, it seems to be a growing correlation between $ETH price.”
It’s important to note that the price of ETH broke $600 for the very first time since back in 2018.
Cointelegraph also noted that “if ETH surpasses $620, the next high time frame resistance levels are found at $784, $915 and $1,200.”
Ethereum rally backed by powerful fundamentals
This rally is backed by some very strong fundamentals.
We also recommend this Coinbase Speaker Series with Ethereum’s Vitalik Buterin.
— Brian Armstrong (@brian_armstrong) November 21, 2020
The price rise of ETH comes as the launch of ETH 2.0 is confirmed for December 1st.
We did it! Ethereum’s proof of stake chain will launch on December 1st.
💯%. We have now reached the minimum necessary for chain launch, including the pending transactions pic.twitter.com/kPGNX6qqk6
— Evan Van Ness (@evan_van_ness) November 24, 2020
Cointelegraph notes that ETH 2.0’s beacon chain genesis is now set to take place on the earliest possible launch date of Dec. 1.
Genesis takes place seven days after the required deposit contract’s threshold was met.
Stay tuned for more exciting news!