Glassnode: Ethereum Validators Observed Sharp Increase of 11.4k In Sept Alone

Bitcoinist

Bitcoin News / Bitcoinist 27 Views

Latest data from Glassnode shows that the number of Ethereum validators observed a significant increase this month, adding 11.4k to the total.

Ethereum Active Validators Marked Increase Leading Up To And Following The Merge

As per the latest weekly report from Glassnode, the rate of new validators joining the network has risen in recent weeks.

A validator on the Ethereum blockchain is anyone who participates in the consensus system of the crypto. In order to become a validator, an investor has to deposit at least 32 ETH into the staking contract.

Although holders can stake with amounts less than that with the help of staking pools, they don’t actually become individual validators this way. The pool group as a whole acts as a singular validator entity.

The “active validators” is an indicator that measures the total number of such entities that are currently online on the chain.

Now, here is a chart that shows the trend in the value of this Ethereum indicator over the past six months:

The value of the metric seems to have picked up the pace in recent days | Source: Glassnode's The Week Onchain - Week 38, 2022

As you can see in the above graph, the active Ethereum validators didn’t see too much increase between 1 June and 1 September.

In these months of stagnant growth, the indicator saw a rise of merely about 22k. This, however, changed quickly with the beginning of September.

Since the first date of the month, the metric has observed sharper uptrend as it has gained 11.36k in value during this period alone.

Notably, the shift in the metric’s rate of increase has come during the buildup to and following the much talked about Merge.

The report explains that this trend means the investor confidence has been going up as the technical challenges of the merge have de-risked recently.

ETH Price

At the time of writing, ETH’s price floats around $1.3k, down 11% in the last seven days. Over the past month, the crypto has lost 17% in value.

Below is a chart that shows the trend in the price of the coin over the last five days.

Looks like the value of the crypto has observed a decline over the last couple of days | Source: ETHUSD on TradingView

Shortly after ETH saw a plunge around two days back, the coin made an attempt at recovery, but so far the price hasn’t regained much and over the past twenty-four hours it has even displayed sideways movement.

Featured image from GuerrillaBuzz Crypto PR on Unsplash.com, charts from TradingView.com, Glassnode.com

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