Ethereum hits an 8-month high

The value of the cryptocurrency Ethereum has surpassed $ 2000, reaching an 8-month high. The last time ETH $3,225.82 Bridged Ether (StarkGate) -2.26% Market capitalization $0.29 billion VOL. 24 hours $1.25 billion traded at this level was in August 2022.

According to CoinGecko, ETH grew by 10.7% in just one day and by 13.3% over the past 7 days. At the time of writing, the main altcoin is trading at $ 2121. The surge in the value of ETH occurred after the successful Shapella update launched on April 12.

The main updates of the Shapella update included the ability to withdraw funds from staking and optimize commission (gas) costs. From the perspective of the project’s tokenomics, the innovations will allow the second largest cryptocurrency by capitalization 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. Almost 265,000 ETH have already been removed from staking in the day since the hard fork was completed.