Ethereum price approaches $3k amidst spot ETF anticipation, Dencun upgrade

The price of Ethereum (ETH) approached $3,000 on Feb. 19 amidst anticipation regarding developments which might be anticipated to happen within the coming months.

As of 8:35 pm UTC, ETH was priced at $2,937 with a market capitalization of $352.96 billion. That change represents 4.12% development over 24 hours — considerably higher than Bitcoin’s 0.4% positive aspects over the identical interval and likewise higher than the crypto market’s general 1.2% positive aspects.

Lido Staked Ether (STETH) noticed comparable positive aspects of three.88% over 24 hours. Ethereum 2.0 staking tokens as a class noticed positive aspects of 5.4%, according to information from CoinGecko.

Ethereum was liable for a comparatively small portion of 24-hour liquidations. The asset accounted for $35.48 million of liquidations, together with $8.43 million in lengthy liquidations and $27.05 briefly liquidations.

Liquidation information through Coinglass

Development could also be as a consequence of ETF anticipation, Dencun upgrade

Ethereum’s newest positive aspects could also be related to the chance that the US Securities and Change Fee (SEC) will approve a spot Ethereum exchange-traded fund (ETF).

Although no important regulatory developments round spot Ethereum ETFs occurred at this time, a related report from the brokerage agency Bernstein acquired widespread protection. Analysts on the firm predicted a 50% probability {that a} spot Ethereum ETF shall be accredited by Could and a near-certain probability that such a fund shall be accredited inside one yr. Mixed with different related predictions in previous months, this report could have affected investor sentiment and market exercise.

Some backlash has additionally emerged round Ethereum’s ETF prospects. Apollo co-founder Thomas Fahrer suggested that Coinbase’s main position as an ETF custodian might compromise Ethereum’s proof-of-stake mannequin by permitting the agency to “control the entire network.”

Information from Dune Analytics suggests that Coinbase is presently liable for about 15% of all ETH staking, whereas one other staking platform, Lido, is liable for greater than 31%. As a result of it’s unknown how a lot crypto is likely to be held in spot ETH ETFs, it’s unclear whether or not Coinbase might achieve dominance by holding funds on behalf of these ETFs. Moreover, it’s unclear whether or not the SEC will allow staking of ETH held in spot Ethereum ETFs, although some candidates goal to take action.

Other than these ETF prospects, there may be additionally important anticipation round Ethereum’s Dencun upgrade, which is about to happen on March 13. That upgrade will notably embrace proto-danksharding, a function anticipated to enhance ETH transaction prices and scalability.

Ethereum Market Information

On the time of press 10:39 pm UTC on Feb. 19, 2024, Ethereum is ranked #2 by market cap and the price is up 2.69% over the previous 24 hours. Ethereum has a market capitalization of $356.82 billion with a 24-hour buying and selling quantity of $15.44 billion. Be taught extra about Ethereum ›

Crypto Market Abstract

On the time of press 10:39 pm UTC on Feb. 19, 2024, the entire crypto market is valued at at $1.99 trillion with a 24-hour quantity of $68.83 billion. Bitcoin dominance is presently at 51.35%. Be taught extra concerning the crypto market ›

DailyBlockchain.News Admin

Our Mission is to bridge the knowledge gap and foster an informed blockchain community by presenting clear, concise, and reliable information every single day. Join us on this exciting journey into the future of finance, technology, and beyond. Whether you’re a blockchain novice or an enthusiast, is here for you.
Check Also
Back to top button