Gemini co-founder Cameron Winklevoss commented on the upgrade, calling it “an incredible milestone” for Ethereum.
Ethereum The first major network upgrade since the 2022 merger has crossed the $2,000 barrier on the heels of the Shepela upgrade. The second largest cryptocurrency is currently trading at $2,114, up 6.71% on the day and 13.96% in 7 days, outperforming bitcoin which is up 2% in the past 24 hours and is now changing hands at $30,839.
The Capella upgrade, a port from Shanghai and Capella, is the final part of the Ethereum blockchain’s transition from proof-of-work (PoW) to proof-of-stake (PoS) consensus. The upgrade affected the execution (Shanghai) and consensus (Capella) layers of the network, allowing ETH stakers to finally withdraw their deposits.
Prior to the upgrade, investors were curious as to whether Shepela would lead to more or less utilization of the network. The dominance of the bulls came to an end on Thursday as the prospect of additional liquidity as well as the possibility of earning rewards on bets took precedence over profit-taking.
Analyst Colin Wu noted that 240,000 ETH were withdrawn 30 hours after the upgrade, leaving a net staking balance of -139,000 (worth $277 million at the time), with deposits of around 100,000 ETH. There were about 1.07 million ETH (about $2.26 billion) pending withdrawals, 63% of which were from Kraken, according to Wu. Kraken had its own staking services Suspended by the US Securities and Exchange Commission (seconds) in February. Wu said Coinbase accounted for 11% of pending ETH withdrawals, while Huobi accounted for 5.1%.
According to token unlock, approximately 1.11 million ETH worth approximately $2.35 billion is currently pending withdrawal. The Net Staking Balance stands at -158,570.
Gemini co-founder Cameron Winklevoss commented on the upgrade, calling it “an incredible milestone” for Ethereum.
Shanghai/Capella is an incredible milestone for the Ethereum network. Despite media FUD and regulatory onslaught, brilliant minds continue to build cutting edge technology that will decentralize power structures and create a more accessible financial system for all.…
— Cameron Winklevoss (@Cameron) April 13, 2023
Meanwhile, the online conversation about Shepela and its subsequent price gains has increased in hours. According to lunarcrushAt 7:08 PM UTC on April 13, 2023, when Ethereum was trading at $2,016.77, there were 79,287 social mentions with 548.02 million total social engagements.
Technical analyst and trader Crypto Fabic believes that alt season has officially begun. To indicate BitcoinAfter holding above $30,000 and Ether returning above the $2,000 level, Facebook notes a bearish divergence on bitcoin’s dominance charts that could lead to altcoin rally.
Mercy Mutanya is a tech enthusiast, digital marketer, author and IT business management student. He loves to read, write, do crosswords and binge-watch his favorite TV series.
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