Home Analysis Ethereum trades above $2K for the first time in almost a year

Ethereum trades above $2K for the first time in almost a year

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Ethereum has traded above $2,000 for the first time since May 2022 after a successful Chapela upgrade.

Data from CryptoSlate shows that ETH is up more than 6% in the last 24 hours, trading as high as $2,007. This digital asset has since put him back at $2,001 at the time of writing.

Source: Trading View

During the period, Ether outperformed Bitcoin’s price performance, rising by less than 1%.

According to Coinglass data, ETH’s strong performance has resulted in nearly $40 million in short positions being liquidated within the last 24 hours.

Meanwhile, Bitcoin and Ethereum are up more than 81% and 60% respectively year-to-date.

The successful Chapela upgrade has had a significant impact on the positive price movement of ETH. The Shappella upgrade is the first major Ethereum network update since Merge, allowing validators to withdraw staked ETH.

Some analysts predicted that the unlocking would increase ETH selling pressure, but the asset’s current performance shows their concerns to be unfounded.

data from unlock token At the time of press, validators showed that they had withdrawn over 130,000 Ethereum. The data further shows that approximately $1.8 billion worth of ETH is pending withdrawal.

Liquid Staking Token Rise

Liquid Staking Tokens have risen about 3% in the last 24 hours, according to. of crypto slate data.

Liquid staking token
Source: Cryptoslate

With the exception of Rocket Pools (RPL), other cryptocurrencies in the sector earned all of their recorded gains during the reporting period.

The data shows that StakeWise (SWISE) is up 6.62%, while Frax Share’s FXS is up around 3%.

Other protocols such as Lido (LDO), ANKR, pStake Finance (PSTAKE) and Stafi (FIS) each registered less than 1% increase. Overall, the market capitalization of crypto tokens in this sector stands at $3.97 billion at the time of writing.

DeFillama in the last 24 hours data It shows an average 4% increase in Total Assets Locked (TVL) for the top liquid staking protocols. According to data, over 8 million of his ETH tokens worth $16.03 billion have been staked through these platforms.

The post about Ethereum surpassing $2,000 for the first time in almost a year first appeared on CryptoSlate.

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