Bitcoin, XRP, and Cardano experienced price cuts, while BNB, Solana, and Litecoin showed gains in the cryptocurrency markets on Monday. Bitcoin fell by 1.12% to $29,996, while Ethereum maintained a level above $2,100. Ether has grown by 134% since June 2022.
The successful upgrade of the Ethereum Blockchain, known as the Shanghai Upgrade, supported better-than-expected ether price action. Coinbase, a cryptocurrency trading platform, predicts that this upward trend could continue through the end of April. The Shanghai upgrade allows validators to withdraw staked ether and rewards that have been locked up. Another reason for ether’s appreciation is its relative underperformance compared to Bitcoin (BTC) year-to-date, leaving ample room for catch-up after the Shanghai upgrade. The upgrade’s most significant change is giving validators the ability to withdraw staked coins, which could either prompt a mass liquidation event or lead to a surge in new users. Only time will tell.
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