Ethereum surges to 9 month high ahead of Shapella upgrade

Ethereum surges to 9-month high ahead of Shapella upgrade

This week, Ethereum price jumped to a nine-month high ahead of a major network upgrade called Shapella. According to some crypto investors, the upcoming upgrade will make the digital currency a more profitable long-term investment.

    Image Source: Jakub Porzycki/Nurphoto/Getty Images

Image Source: Jakub Porzycki/Nurphoto/Getty Images

The world’s second-largest cryptocurrency is up around 6% in price over the past few days, topping $1,900 per coin. At the time of writing, they were giving about $1890 for an “ether”.

Next week the Ethereum network is waiting for a big Shapella update. After that, cryptocurrency investors can freely withdraw available assets. To withdraw funds you now have to use centralized crypto exchanges like Coinbase or decentralized financial services like Lido.

Until recently, Ethereum lagged behind Bitcoin in terms of annual growth rates. However, the success of the cryptocurrency against the background of an upcoming network upgrade made it possible to close the gap. Ethereum is up 59% this year, while Bitcoin is up 70% over the same period. According to some experts, the upcoming update will cause Ethereum price to drop. One such possibility is due to the fact that the update will unlock a large number of cryptocurrency tokens worth about $2.4 billion, most of which could go to the open market if investors stage an asset sell-off.


About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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