The cost of the Ethereum cryptocurrency has increased by more than 5% over the past 11 months and has peaked. This week, the Ethereum network underwent a Shapella update that allows you to withdraw funds from staking, while Ethereum shows steady growth.
After the completion of the Ethereum network upgrade, the cryptocurrency price surged to $2,130 per coin, which is the highest since May last year. At the time of writing this note, the cost of “Ether” was around $2113 per coin (CoinDesk data). In anticipation of the Shapella update, there were concerns that investors would start withdrawing assets on a massive scale, which would negatively impact the cryptocurrency price. However, this did not happen and the “ether” began to show a positive trend.
Against this backdrop, bitcoin price surged more than 2% to $30,923 per coin, which is the best indicator over the past 11 months.
“A lot of people have been on the sidelines during the update and now that it’s been running smoothly everyone is streaming back. Liquidity was rather thin, which contributed to the strong move. Previously, it was expected that there would be huge sell orders after the upgrade. However, that didn’t happen.”— commented on this topic Matthew Dibb (Matthew Dibb), Investment Director of cryptocurrency asset management company Astronaut Capital.