Ethereum price surges past $2,100 after Shapella upgrade

Summary:

– Ethereum’s Shapella upgrade went live on April 12, allowing for the withdrawal of staked ETH.
– The price of ether (ETH) has surpassed $2,100 for the first time in months.
– ETH has seen a 23.5% increase in price over the past 30 days.

Shapella Upgrade Drives Ethereum Price Above $2,100

The price of ether (ETH) has surged above $2,100 for the first time in several months, boosted by the successful launch of Ethereum’s Shapella upgrade on April 12. The update ushered in various network improvements and enabled the withdrawal of staked ETH, worth over $1 billion. Despite initial fears that enabling the withdrawal of locked-up ETH would cause a significant decline in the second-largest cryptocurrency’s price, the reverse has been the case.

Ethereum Outperforms Amid Banking Crisis and Bull Run Momentum

Amid a global banking crisis and a solid bullish momentum in the crypto market, ETH has emerged as one of the standout performers this month, with a 23.5% increase in price over the past 30 days. At the time of writing, ETH is trading at $2,110, representing a 6.7% increase in the last 24 hours. However, the cryptocurrency is still down by 56.73% from its all-time high of $4,878.26 reached in November 2021.

Ethereum’s Trading Volume and Market Cap

Ethereum’s 24-hour trading volume currently stands at $17,063,677,127, with a market cap and market cap dominance of $253,760,642,168 and 19.026%, respectively, according to CoinGecko.

ETH’s Bullish Momentum Amid Fears of Ripple Lawsuit and Arizona Crypto Mining Veto

The surge in ETH’s price comes amidst fears of a Ripple lawsuit that could impact the broader crypto market, as well as Arizona governor Katie Hobbs‘ recent veto of crypto mining and tax bills. Nevertheless, ETH’s recent bull run has given the crypto market a boost, with growing global interest in central bank digital currencies prompting the International Monetary Fund to launch a comprehensive CBDC handbook.

ETH Still Down From All-Time High

While the recent bullish momentum in the crypto market has boosted ETH’s price, the cryptocurrency is still down by over 50% from its all-time high. However, with the successful launch of Ethereum’s Shapella upgrade and growing interest in the market, ETH has continued to show strong potential for growth.