NEWSLETTER
Ethereum traded above $2,000 for the first time since May 2022 after the successful Shappella upgrade.
According to CryptoSlate data, ETH is up more than 6% in the last 24 hours to trade as high as $2,007. Since then, the digital asset has retraced to $2,001 at the time of writing.
During the period, Ether outperformed the price of Bitcoin, which only rose less than 1%.
Data from Coinglass showed that the positive performance of ETH liquidated almost $40 million in short positions in the last 24 hours.
Meanwhile, Bitcoin and Ethereum are up more than 81% and 60% year-to-date, respectively.
The success of the Shappela update mainly influenced the positive price movement of ETH. The Shappella upgrade is the first major upgrade to the Ethereum network since the merger and will allow validators to withdraw their staked ETH.
While some analysts predicted that the unlock would put more selling pressure on ETH, the asset’s current performance showed their fears to be unfounded.
Data of token unlocks showed that validators had withdrawn more than 130,000 Ethereum at press time. The data further shows that approximately $1.8 billion worth of ETH is pending withdrawals.
Liquid Stake Token Rally
Liquid staking tokens have risen about 3% in the last 24 hours, according to CryptoSlate data.
With the exception of Rocket Pool (RPL), the other cryptocurrencies in the sector made all the gains recorded during the reporting period.
According to the data, StakeWise (SWISE) gained 6.62%, while Frax Share FXS rose roughly 3%.
Other protocols such as Lido (LDO), ANKR, pStake Finance (PSTAKE), and Stafi (FIS) posted gains of less than 1%, respectively. Overall, the market capitalization of crypto tokens in this sector sits at $3.97 billion at press time.
In the last 24 hours, DeFillama data shows that the total value of assets locked (TVL) in the main liquid participation protocols increased by an average of 4%. According to the data, more than 8 million ETH tokens, worth $16.03 billion, are staked through these platforms.
Posting Ethereum Trades Above $2K For First Time In Almost A Year Appeared First On CryptoSlate.
