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- The overall market capitalization of all cryptocurrencies is nearing the $1.3 trillion mark.
- The Shanghai hard fork was executed smoothly, alleviating concerns regarding the ETH upgrade.
Despite apprehensions that a new influx of Ether might inundate the markets following the eagerly awaited Shapella upgrade, the market reacted favorably to the developments. Following the successful completion of the Shapella update, Ethereum’s price surged to the $2,000 threshold. Even with the heightened selling pressure resulting from the release of ETH tokens, the altcoin succeeded in surpassing this critical level.
As the total cryptocurrency market capitalization began to exceed $1.3 trillion, Ethereum’s price broke through the significant $2,000 barrier. Market analysts project that the price of Ethereum could rise within the range of $2,400 to $2,800.
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Multiple Factors Driving the Price
The rise of Ethereum above $2,000 can be linked to several elements, including an increase in crypto market capitalization, US PPI data, and Twitter’s partnership with eToro to facilitate crypto trading for its users.
Following Bitcoin’s remarkable ascent to the pivotal $30,000 level, the total market capitalization of all cryptocurrencies is approaching the $1.3 trillion milestone. The increasing value of digital assets suggests that investors are becoming more optimistic about cryptocurrencies such as Ethereum.
Twitter’s collaboration with eToro has enabled crypto trading, enhancing investor confidence in Bitcoin and altcoins like Ethereum. The Shanghai hard fork was executed seamlessly, easing concerns regarding the ETH upgrade.
Additionally, following the Shapella upgrade, it is estimated that only about one percent of staked ETH may be sold, according to a forecast by crypto analytics firm Glassnode on April 12. The firm reports that merely 253 users have requested withdrawals of their staked ETH.
