Ethereum net exchange deposits hits five-month peak with almost 130,000 ETH flowing to exchanges

Ethereum net exchange deposits have hit a five-month peak, recording up to 127,183 ETH flowing into exchanges. A positive reading on the Netflows reading is bullish for the altcoin, suggesting traders are buying more than they are selling. The last time ETH recorded a higher number was in May at 323,260. Steered by the broader market rally, the second-largest crypto by market capitalization could finally make its way to $2,000.

Why did Ethereum shift from Proof-of-Work to Proof-of-Stake? Ethereum transitioned from a Proof-of-Work to a Proof-of-Stake mechanism in an event christened “The Merge.” The transformation came as the network wanted to achieve more security, cut down on energy consumption by 99.95%, and execute new scaling solutions with a possible threshold of 100,000 transactions per second. With PoS, there are less entry barriers for miners considering the reduced energy demands.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ethereum futures premium hits 1-year high — Will ETH price follow?The Ethereum futures premium recently breached a 1-year high. Cointelegraph investigates the factors behind the metric and their ramification on ETH price.
Source: Cointelegraph - 🏆 562. / 51 Read more »

Ethereum Cofounder Vitalik Buterin Moves Large ETH Chunk to CoinbaseAnother large amount of ETH moved by Buterin to this major US-based crypto exchange as ETH still holds above $1,800
Source: Utoday_en - 🏆 295. / 63 Read more »

Ethereum (ETH) Push Above $1,800 Driven By This Driver: ReportRecent analytics data has revealed the major factor that helped Ethereum get back over the $1,800 price level, suggesting a coming rise over $2,000
Source: Utoday_en - 🏆 295. / 63 Read more »