Ethereum breaks through $600, the price will continue to rise, and the deposit required for Phase 0 to start has reached 60% -

Ethereum breaks through $600, the price will continue to rise, and the deposit required for Phase 0 to start has reached 60% New

The price of Ethereum, the second-largest cryptocurrency by market value, continued to rise on Monday. As of 18:00 Eastern Time, according to Bitpush data, Ethereum had broken through $600 and was trading at $605.63.

In order to promote the smooth launch of Ethereum 2.0 Phase 0, the Ethereum community is continuing to deposit Ethereum into the Ethereum 2.0 deposit contract, and has now completed 60% of the required launch. The remaining 40% target must be completed before 12:00 noon UTC this Tuesday in order for the Phase 0 network to be launched on time on December 1.

The staking contract requires a total of 524,288 ETH and has attracted deposits of 314,656 ETH so far. Once the deposit threshold is reached, the beacon chain, the backbone chain of Ethereum 2.0, will begin to operate. Once the beacon chain is activated, Ethereum 2.0 will enter the next stage of development.

Ethereum 2.0 is the most important event in the crypto industry this year besides the Bitcoin block reward halving. The crypto community has high hopes for it, believing that it is the most important event since the founding of the Ethereum blockchain, and hopes that it can increase the scalability of the existing Ethereum network.

Under the influence of this good news, the price of Ethereum has also been rising steadily in the past month, not only making up for the price loss after the DeFi craze cooled down, but also breaking through US$500 and US$550 successively, continuing to refresh the record of the highest price point of the year.

Index indicators and the fundamentals of the Ethereum network are also optimistic that the price of Ethereum will continue to rise. Technical indicators show that after hitting a two-and-a-half-year high, Ethereum has no resistance before $620, which may become the next support level for Ethereum once it breaks through. According to online data from Etherscan, the daily gas usage on Ethereum for settling transaction fees is also at an all-time high.

In addition, the upward trend of the entire crypto market is also driving up the price of Ethereum. In addition to Ethereum, major cryptocurrencies such as Bitcoin and XRP also have outstanding performance in price. As the inflationary trend of the macro economy still exists, more institutions and investors are using cryptocurrencies as a way to hedge against inflation.