The price gains enjoyed by Ether as it hits record highs have propelled Eth2 to rank as the third-largest network by staked capitalization. That’s despite the fact that just 2.09% of Ethereum’s supply is locked up in Eth2 at present.
Ether pushed into new record price highs above $1,480 on Feb. 2, with ETH currently testing $1,550 after gaining 12% in 24 hours.
ETH/USD since December 2021, 4-hr chart: TradingView
With nearly 2.5 million ETH currently locked up, Eth2’s staked capitalization equals $3.6 billion.
The price gains propelled Eth2 past Avalanche’s $3.4 billion in staked assets, with Avalanche’s staked capitalization representing 69.5% of the Avalanche’s supply.
Polkadot is currently the largest crypto asset on the measure, with 60% of its supply locked representing $10.8 billion, followed by Cardano with 71% of its supply staked to total nearly $9.5 billion.
Deposits to Eth2 have continued to grow steadily since its beacon chain genesis in early December. During January, nearly one million additional Ether was locked up for staking, while the total number of Eth2 validators increased by 55% from 49,200 to 76,200.
Since the start of the year, Ether has gained 70% over Bitcoin in the ETH/BTC markets, with ETH currently within 5% of testing its local high at 0.045 BTC from Jan 25 — which was Ether’s highest level relative to BTC since August 2018.
ETH/BTC since January 2017, 1-day chart: TradingView