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The value of Ethereum (ETH) neared $3,000 on Feb. 19, driven by expectations regarding upcoming developments in the months ahead.
At 8:35 pm UTC, ETH was trading at $2,937, with a market capitalization of $352.96 billion. This change indicates a 4.12% increase over the past 24 hours, which is significantly higher than Bitcoin’s 0.4% rise during the same timeframe and also surpasses the overall crypto market‘s 1.2% increase.
Lido Staked Ether (STETH) experienced similar gains of 3.88% over the last 24 hours. The category of Ethereum 2.0 staking tokens recorded an increase of 5.4%, as per data from CoinGecko.
Ethereum contributed a relatively minor share of the 24-hour liquidations. The asset accounted for $35.48 million in liquidations, comprising $8.43 million in long liquidations and $27.05 million in short liquidations.
Liquidation data via Coinglass
Growth may be due to ETF anticipation, Dencun upgrade
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The recent increase in Ethereum’s value may be linked to the potential approval of a spot Ethereum exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC).
While there were no major regulatory updates regarding spot Ethereum ETFs today, a pertinent report from the brokerage firm Bernstein gained significant attention. Analysts from the firm estimated a 50% likelihood that a spot Ethereum ETF will receive approval by May and a nearly certain chance that such a fund will be authorized within a year. This report, along with similar forecasts from previous months, may have influenced investor sentiment and market dynamics.
However, some criticism has arisen concerning Ethereum’s ETF prospects. Apollo co-founder Thomas Fahrer indicated that Coinbase’s prominent role as an ETF custodian could jeopardize Ethereum’s proof-of-stake model by enabling the firm to “control the entire network.”
Data from Dune Analytics reveals that Coinbase currently manages approximately 15% of all ETH staking, while another staking service, Lido, oversees more than 31%. Given the uncertainty regarding the amount of crypto that might be held in spot ETH ETFs, it remains unclear whether Coinbase could achieve dominance by managing funds for those ETFs. Additionally, it is uncertain whether the SEC will allow staking of ETH held in spot Ethereum ETFs, although some applicants are seeking to do so.
Beyond ETF expectations, there is considerable anticipation surrounding Ethereum’s Dencun upgrade, scheduled for March 13. This upgrade will notably feature proto-danksharding, a capability expected to enhance ETH transaction costs and scalability.
The post Ethereum price approaches $3k amidst spot ETF anticipation, Dencun upgrade appeared first on CryptoSlate.
