The value of the Ethereum cryptocurrency has set a new record

Just a day after the update of the Shapella Ethereum network was completed, the price of the second largest cryptocurrency by capitalization reached $ 2100, returning to its May 2022 position.

According to the network’s observers, Ether leads the cryptocurrency markets in terms of market value growth. During the day, the price of ETH increased by almost 7%, reaching $ 2130 at some points. Following the results of the seven-day session, the ether grew by almost 13%, and the asset’s market capitalization exceeded $ 252 billion. On the evening of Friday, April 14, the value of ETH slightly decreased and the asset is trading at $ 2097.

Commenting on the possible consequences of the hard fork and the resumption of operations to withdraw assets from the Ethereum staking pool, crypto community experts did not assume that this could lead to any significant pressure from sellers or a price increase. However, since Thursday, April 13, ETH has been showing steady growth, regaining its position at an eleven-month high.

«It is quite possible that after the successful network update and the receipt of guarantees of the safe return of ETH, there will be more investors who want to block some liquidity again, thereby reducing the available supply of the asset,» suggested Matthew Niemerg, co-founder of the Aleph Zero blockchain network.

The main updates to the Shapella update include the ability to withdraw funds from staking and optimize commission (gas) costs. From the point of view of the project’s tokenomics, the innovations will allow the second largest cryptocurrency to remain a deflationary asset, which will be an additional factor for ETH growth in the long run.

Shapella will make Ethereum staking more flexible and thus more attractive to users. Compared to other leading cryptocurrencies that use the Proof-of-Stake consensus mechanism, ETH has a relatively low percentage of coins blocked in staking.