Ethereum

Rally

Spot

<a href="https://bitcoinworld.co.in/ethereums-rally-is-mainly-due-to-dencun-upgrade-and-not-eth-spot-etfs-grayscale/" title="Ethereum’s Rally Is Mainly Due to Dencun Upgrade And Not ETH Spot ETFs: Grayscale" rel="noopener noreferrer nofollow"></a>
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 <li style="font-weight: 400"><a href="https://www.grayscale.com/research/reports/ethereums-coming-of-age-dencun-and-eth-2.0" rel="noopener noreferrer nofollow">According</a> to Grayscale, while the potential approval of a spot Ethereum ETF has been cited as a reason for Ethereum’s recent price increase, Dencun upgrade was actually the cause of the rally.</li>
</ul>
While the potential approval of a spot Ethereum ETF has been cited as a reason for Ethereum’s recent price increase, Grayscale Investments offers a different perspective.&nbsp;
In a recent report, the asset manager suggests the upcoming Dencun upgrade, scheduled for March 13, 2024, is the true driver behind the surge.
Grayscale analyst William Ogden Moore argues that the market anticipates the upgrade’s ability to improve transaction throughput and cost reduction, making Ethereum more competitive with faster blockchains like Solana.&nbsp;
While bullish on Ethereum, the report acknowledges the cryptocurrency’s underperformance compared to its sector in 2023, particularly against Solana’s impressive 900% growth.
See Also: <a class="row-title" href="https://bitcoinworld.co.in/grayscales-bitcoin-trust-gbtc-saw-lowest-outflow-of-44-2m-since-etf-approval/" aria-label="“Grayscale’s Bitcoin Trust (GBTC) Saw Lowest Outflow of $44.2M Since ETF Approval” (Edit)" rel="noopener noreferrer nofollow">Grayscale’s Bitcoin Trust (GBTC) Saw Lowest Outflow of $44.2M Since ETF Approval</a>
This bullish stance from Grayscale might be influenced by their ongoing efforts to convert their Ethereum trust into a spot Ethereum ETF.&nbsp;
With spot Bitcoin ETFs already approved, some predict similar approval for the Ethereum equivalent by May 2024.
Beyond Dencun and potential ETF approval, Grayscale also highlights “net deflationary supply” and “network revenue generation” as factors contributing to Ethereum’s future.
Additionally, the report emphasizes Ethereum’s potential to recapture lost ground in the smart contract application market.&nbsp;
They believe that by becoming more competitive in throughput and cost, Ethereum can attract applications requiring high levels of security and censorship resistance, such as stablecoins and tokenized financial assets.
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The post <a href="https://bitcoinworld.co.in/ethereums-rally-is-mainly-due-to-dencun-upgrade-and-not-eth-spot-etfs-grayscale/" rel="noopener noreferrer nofollow">Ethereum’s Rally Is Mainly Due to Dencun Upgrade And Not ETH Spot ETFs: Grayscale</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Ethereum’s Rally Is Mainly Due to Dencun Upgrade And Not ETH Spot ETFs: Grayscale

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