The price of ether (ETH) has breached the $2,100 region for the first time in many months. Ethereum’s Shapella upgrade went live on April 12, allowing more than $1 billion worth of staked ETH withdrawals, yet the price of Ether continues to rise.
After several months of planning, the highly anticipated Ethereum Shapella upgrade successfully went live on April 12, ushering in various improvements to the network and enabling the withdrawal of staked ETH.
Despite initial fears that allowing withdrawals of ETH tokens locked on-chain since the last merger event that marked Vitalik Buterin’s Ethereum transition to a proof-of-stake (PoS)-based blockchain would trigger a massive drop in the price of the second largest cryptocurrency in the world, the opposite has occurred.
While the global banking crisis has triggered solid bullish momentum in crypto markets since last month, ETH has emerged as one of the biggest players this month, with its price rising 23.5% over the past 30 days.
At the time of reporting, ether (ETH) is trading for $2,110, which is an increase of 6.7% over the last 24 hours. However, despite the recent bull run, ETH is still 56.73% below its all-time high of $4,878.26, reached in November 2021.
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Ethereum’s 24-hour trading volume currently stands at $17,063,677,127, with a market cap and market cap dominance of $253,760,642,168 and 19.026%, respectively, according to CoinGecko.
