Against the backdrop of the successful upgrades of "Shanghai" and "Capella" (Shapella), prices have broken through. The strengthening of bullish sentiment after the upgrade led to the price of Ethereum hitting a new high of $2123 for the year on April 14th
Against the backdrop of the successful upgrades of "Shanghai" and "Capella" (Shapella), prices have broken through. The strengthening of bullish sentiment after the upgrade led to the price of Ethereum hitting a new high of $2123 for the year on April 14th. The Ethereum Decentralized Finance (DeFi) ecosystem received more daily expenses, increasing by 30% in the 24 hours on April 14th, in line with the price increase of Ethereum. With the increase in Ethereum fees, Ethereum's Proof of Equity (PoS) token economy has shifted towards deflation, with revenue increasing by 32% in the past 24 hours.
Although the Ethereum network is showing positive momentum, regulatory agencies are inclined to take swift action against the cryptocurrency industry. The debate over whether Ethereum is a secure token under the Howell test continues, while an Ethereum researcher stated that encryption can leak IP addresses.
Let's review some of the reasons for the new rise of Ethereum——
The success of Ethereum Shanghai and the long-awaited upgrade to Shapella were officially implemented on the main network on April 12th.
The first Shapella hard fork is scheduled to start on March 14th. At that time, on chain data indicated that the Shanghai hard fork would not bring significant selling pressure, but some analysts believed that the newly unlocked supply would hinder the price of Ethereum.
The current trend after unlocking Shapella shows that most validators only extract bet rewards, rather than the 32 Ethereum required to continue running the node. As of April 14th, the number of holdings of Ethereum has only decreased by 0.2%. After the hard fork, Ethereum deposits surged, and although the cumulative withdrawals exceeded Ethereum ecosystem deposits, 97040 Ethereum coins were bet in the first 24 hours of April 14th. The increase in Ethereum pledged deposits is a positive sign for the future of Ethereum in the post Shapella era.
On April 13th, over 70% of Ethereum coin holders were underwater. After withdrawals and new depositors, the current average bet price for Ethereum is $2136. The gap between the average bet price and the current Ethereum is narrowing, which means that most gamblers in the Ethereum ecosystem may soon make a profit.
The price of Ethereum has risen, and the cryptocurrency market has surged. Ethereum and AltCoins have led some analysts to announce that the bottom has arrived. On April 14th, the price of Bitcoin reached a new year to date high of $31014, surpassing the significant psychological level of $31000. Although the prices of Bitcoin and Ethereum are both rising, Ethereum is occupying a dominant position relative to Bitcoin and AltCoins. Starting from April 13th, the ruling power of Ethereum increased to 19.37%, an increase of 0.54% within 24 hours.
Ethereum's dominance over Bitcoin was challenging in early 2023, but it is rapidly narrowing the gap. Some analysts believe that although the Consumer Price Index (CPI) and Producer Price Inflation (PPI) indicate a faster than expected slowdown in inflation, the price of Ethereum may still fall in the near future. The highly respected FedWatch tool still expects the Federal Reserve to raise interest rates at its meeting on May 3rd.
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