Ether, the second-largest cryptocurrency by market capitalization, has surpassed the $1,900 mark
Ether, the second-largest cryptocurrency by market capitalization, has surpassed the $1,900 mark for the first time in eight months, as reported by CoinMarketCap.
The cryptocurrency reached a 24-hour high of $1,915, a price not seen since August. Although Ether has retraced some of its gains since its morning peak, it remains up around 3% in the past day.
The last instance of Ether reaching over $1,900 was on August 16, 2022, during a broad crypto sell-off triggered by the United States Federal Reserve’s aggressive interest rate hikes aimed at combating inflation.
The recent increase in Ether’s price could be a result of expectations that the Fed may ease its quantitative tightening measures or due to a rise in demand for Ether in light of the upcoming more flexible staking options.
It's happeningShapella is scheduled on mainnet for epoch 194048, scheduled for 22:27:35 UTC on Apr. 12, 2023Client releases compatible with the upgrade are listed in the announcement belowhttps://t.co/I0hSv9lnjz— timbeiko.eth(@TimBeiko) March 28, 2023
Solid bounce for ETH relative to BTC the past several days
tbh though, still just expect this as nothing more than a swing play opportunity and profits should rotate back into BTC before $30K breaks and the ratio trend reverses bearish again pic.twitter.com/MOe1GlibaX— K A L E O (@CryptoKaleo) April 5, 2023
This indicates that a combination of factors, such as potential changes in the Fed’s policy and heightened demand for Ether, might be contributing to the cryptocurrency’s price increase.
Moreover, the seamless upgrades and reliable execution of Ethereum’s development roadmap have strengthened investor confidence and attracted the attention of institutional investors.
While some analysts and traders suggest that the impending unlocking of staked Ether could generate selling pressure in the market, the actual effects of the Shapella hard fork remain speculative at this point.