Ethereum
Why is Ethereum rising (May 2024) – Forbes Advisor INDIA
Ethereum has surpassed $4,051 levels, reaching highs since January 2022. This increase in Ethereum’s value comes amid speculation about the potential launch of an Ethereum ETF, following the recent introduction of Bitcoin ETFs . Additionally, anticipation of the upcoming Dencun upgrade is driving investor interest in Ethereum, which will go live at the time of writing in 7 hours 6 minutes and 10 seconds, i.e. around 7:25 p.m. IST.
Following the successful implementation of the Shanghai and Capella Hard Fork, Ethereum, the world’s second largest cryptocurrency, saw a significant positive jump during a two-day rally. During this rally, prices rose from around $1,900 to $2,100 in April 2023. As of March 13, 2024, Ethereum was trading at the $4,051 level, 17.18% lower than its high historical.
The Shappella rally of the largest altcoin brings a glimmer of hope to the entire cryptocurrency sector, which suffered significant losses during the bearish period of 2022. Ethereum saw a rally of almost 65% in 2023. This upward trend is expected to continue with the next Dencun. upgrade.
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Ethereum hits nearly $4,100
The second largest cryptocurrency in the world, Ethereum, experienced a strong upward movement during the year 2023 which attracted many investors and speculators to the crypto market. A bit like Bitcoin, ETH has recently recovered. As of March 13, 2024, it was hovering around $4,000.
Let’s take a look at the ETH price chart showcasing its rally week:
Ethereum hits $4,000 in 2024
Ethereum Price Chart from March 7, 2024 to March 13, 2024
Source: Coinmarketcap
Ethereum is seeing an exceptional rise, currently trading at $4,044, although it is up 0.36% in the last 24 hours. Over the past seven days, the price of Ether has seen an increase of 7.75%.
ETH’s upward momentum can be attributed to various factors, including Bitcoin hitting its all-time high, rising funding rates, Spot Bitcoin ETFs, increased buying activity in States -Unis and the Dencun upgrade which will go live today.
Cancun-Deneb Upgrade (Dencun): 2024
After the Shella upgrade last year, Ethereum is expected to get another upgrade this year. The 2024 upgrade is scheduled to go live today, March 13, 2024, and will introduce danksharding and proto-danksharding.
Danksharding involves dividing the ETH blockchain into smaller, more manageable parts called “blobs”. The aim is to increase network capacity and reduce transaction fees through the implementation of the upgrade.
Proto-Danksharding, also known as EIP-4844, is a feature offered in the upgrade that builds on the notion of danksharding. By creating additional space to store data within the ETH network, it expands the capacity of danksharding. The implementation of proto-danksharding has significant implications for Layer 2 rollups. To provide a more seamless and cost-effective experience for ETH users, this upgrade will make more space available for danksharding blobs. data and should reduce connected gas consumption using layer 2 solutions.
ETH continues to attract attention with its innovative approach to the highly anticipated Dencun upgrade. The upgrade includes a series of upgrades for the Cancun execution layer and the Deneb consensus layer of the ETH network. These simultaneously drive remarkable changes to improve security, scalability, and usability.
With the Dencun upgrade, ETH aims to provide a more robust infrastructure for dApps and smart contracts, encouraging innovation and driving the adoption of blockchain technology. This radical change will represent the next phase of Ethereum’s evolution and promises further improvements to address existing challenges and unlock new possibilities.
Major Developments in Ethereum
Will Ethereum reach $4,500?
As of March 13, 2024, Ethereum was trading at an all-time high of $4,051 with a market capitalization of $485.27 billion. Since the “Shappella” upgrade, ETH has maintained enormous growth levels. It increased by 151.68% last year.
Ethereum market performance is currently 63% greed At the time of writing, with substantial institutional demand, increased flows into BTC ETFs and positive sentiment around the Bitcoin halving. This is reflected in the ETH statistics as of March 13, 2024.
The price prediction for the year 2024 ranges from $4,500 to $4,700. The forecast range for February is $2,650, mainly due to investor enthusiasm around the Ethereum Spot ETF. Ethereum has shown robust performance in the current month.
The future outlook for ETH price suggests a promising trajectory in 2024, with dynamic changes, potential bullish momentum, and pivotal moments anticipated throughout the year. The Dencun upgrade will also give positive monitoring and interest to ETH after the upgrade and could even help the token bypass its all-time high. Time will tell whether the upgrade will be a success or a failure for Ethereum.
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Listed on Deloitte Fast 50 Index, Best Global Foreign Exchange Broker 2022 – ForexExpo Dubai October 2022 and more
Best investment offer
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Customer service
Dedicated 24/7 support and easy sign-up
Please invest carefully, your capital is at risk
Conclusion
Most cryptocurrencies, including BTC and ETH, are seeing positive trading trends due to investor interest in Spot Bitcoin ETFs and the upcoming Bitcoin Halving event. Furthermore, the Shanghai upgrade has significantly boosted the overall crypto market, particularly benefiting ETH.
Ethereum has had a strong start to 2023, aiming for substantial growth leading to hard fork upgrades on its mainnet. The “Shapella” upgrade in the crypto world was introduced to create more opportunities within ETH, transforming it into a user-friendly marketplace backed by investors, visionaries and developers to generate more valuable products. robust and distinguished.
Anticipation played a central role in Ethereum reaching one of its highest positions over the last year. The next Dencun upgrade, expected in a few hours, is expected to maintain the upward momentum this year and into the future.
The Dencum upgrade will directly benefit the thriving DeFi and Web3 ecosystem, with markets taking into account the expected increase in productivity. Additionally, the Bitcoin halving, scheduled for April 2024, could contribute to ETH surpassing its all-time high.