Since the Shanghai upgrade was completed, Ethereum recorded a spike in growth despite over 62,000 ETH being withdrawn from Beacon Chain. ETH price has increased by more than 8.7% in the past 24 hours and is trading around $2,100 on CoinMarketCap. ETH’s price performance even outperformed Bitcoin which only rose by 2.1%.
Since the beginning of 2023, Bitcoin and Ethereum recorded gains of 81% and 60% year-to-date, respectively. ETH’s positive price movement is mainly due to the success of the Shanghai hard fork. Ethereum has successfully deployed the Shanghai hard fork on the Sepolia testnet. This is considered the most important EIP ever, which enables withdrawals of staked ETH.
After a two-year lock up period, stakers started selling ETH to take profits. Data from Token Unlocks showed that many validators have withdrawn more than 130,000 ETH. There is currently about $1.8 billion waiting to be withdrawn from the Beacon chain.
Following the price increase of ETH and Bitcoin, other cryptocurrencies all recorded gains of 3-7%. StakeWise (SWISE) gained 6.62%, while FXS gained around 3%, MATIC recorded an 8% increase. Ethereum-based protocols like Lido (LDO), ANKR, pStake Finance (PSTAKE) and Stafi (FIS) saw gains of less than 1%, respectively. The market cap of the crypto tokens in this sector sits at $3.97 billion as of press time.
Over the past 24 hours, DeFillama recorded an average increase of 4% in TVL. Over 8 million ETH worth $16.03 billion has been staked through these platforms.