NewsletterEthereum Institutional Demand Rises, Will ETH Put BTC Out of Crypto Spotlight?
Post the successful implementation of the Shanghai upgrade, Ethereum (ETH) has delivered a strong move. The ETH price has surged past $2,100 levels gaining more than 10% over the last 24 hours. Ethereum has been posing strong competition to Bitcoin (BTC) which has grabbed all the limelight so far in 2023.
By gaining more than 14% on the weekly chart, Ethereum has outstripped Bitcoin which has gained 10% during the same period. It is clear that ETH is trying to close the gap with BTC which is already up by more than 80% since the start of the year. On the other hand, ETH has gained close to 77% now since the beginning of the year.
The implementation of the Shapella (Shanghai + Capella) upgrade has allowed ETH investors to withdraw their staked coins. Many have argued that it could lead to selling pressure on ETH, however, the case has been completely opposite in the 36 hours since the launch of the Shanghai hardfork.
Crypto fund manager Digital Asset Capital Management wrote: The impact of allowing the withdrawal of staking rewards and initial capital “is yet to be seen”, adding it “will be watching both withdrawal and selling data closely on-chain to see if there is resulting sell-pressure.”
Institutional Demand for Ethereum
As the Ethereum blockchain continues to make progress, the demand for its native ETH cryptocurrency continues to grow. Speaking to Bloomberg, Annabelle Huang, managing partner at crypto lender Amber Group, said:
“We’re already seeing more institutional demand when it comes to Ethereum now that they can stake, unstake, more instant liquidity”.
Crypto analysts currently remain divided over whether Etheruem (ETH) can continue its current price rally in the market. On the other hand, the macro factors will continue to have an influence on the crypto space.“Personally, I don’t think we are out of the woods yet,” Amber’s Huang said.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Operation Choke Point: House Republicans Spotlight Biden Administration’s ‘Attack on Crypto’
- Polymarket Rival Kalshi Moves On-Chain With Launch of Tokenized Prediction Markets on Solana
- Tom Lee Says Bitcoin Could Hit New ATH In January As Hassett Becomes Favorite For Fed Chair
- 8 Best Crypto Exchanges That Accept PayPal Deposits and Withdrawals
- Jerome Powell Speech Today: What To Expect as Fed Ends QT
- XRP Price Prediction as Ripple Gets MAS Licence in Singapore
- Ethereum Price Crashes Below $3,000 as $500M Longs Liquidated: What’s Next?
- Pi Network Price Prediction Ahead of December’s 190M Scheduled Unlock
- Dogecoin Price Below $0.15 as Crypto Market Crashes: Will $0.10 Hold?
- Will the Binance Coin Price Rebound as a Key RWA Metric Jumps 99%
- AVAX Price Prediction After Bitwise Files for a Staking ETF — A Rebound Coming?
