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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Maintains Bullish Form As Developer Confirms Date For Shanghai Upgrade

Semilore Faleti
Semilore Faleti
2 years ago
3 mins read
Ethereum

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Following the market bounce this week, Ethereum (ETH) has been one of the most profitable tokens with better market performances than most altcoins, including Cardano(ADA), Dogecoin (DOGE), and Solana (SOL).

The second-largest cryptocurrency by market cap began the week trading around the price region of $1,588 before rising by about 12% to almost hit the $1,800 price level for the first time since August 2022.

Following this impressive price gain, ETH experienced a minor pullback which saw its market price fall to around $1,628. However, ETH soon resumed its bullish course with steady gains over the last two days.

Related Reading: Bitcoin Blasts Past $26,500, Gearing Up For Another Bullish Weekend

According to data from Coingecko, Ether is maintaining its upward momentum gaining by 4% in the last 24 hours, thus, moving its overall gains in the last seven days to an impressive 20.2%. 

ETH’s positive price movement is quite important, especially with the upcoming Shanghai upgrade of the Ethereum network. In the latest development on that front, Ethereum users will be pleased to know that there is now a confirmed date for the Shanghai network update. 

At the time of writing, ETH is exchanging hands at $1,744.12, with its daily trading volume set at $11.7 million. In addition, the altcoin maintains its 17.1% market dominance with a market cap value of $208.5 billion.

 Ethereum

ETH trading at $1,743.90 | Source: ETHUSD chart on Tradingview.com

When Is The Official Date For The Ethereum Shanghai Upgrade?

Following the successful Shanghai upgrade of the Goerli testnet on March 14, it was only a matter of time before the Ethereum mainnet followed suit. At the Ethereum developers meeting yesterday, an official date was finally chosen to implement the much-anticipated hard fork of the Ethereum network.

According to a tweet from popular Ethereum developer Tim Beiko, the Shanghai Upgrade is scheduled to take place in four weeks on April 12 at exactly 10:27 pm UTC. This announcement has sparked much excitement within the Ethereum community and the crypto space in general.

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BNB Price Surges Over 20% in a Week And Rally Seems Far From Over

1 year ago

Significance Of The Shanghai Upgrade

The Ethereum Shanghai Upgrade is one of the most anticipated events in the crypto space for 2023. Like any upgrade, it promises to introduce various exciting features, including significant improvements in scalability, security, and smart contract operations.

However, the most notable point about the Shanghai upgrade is that it will finally allow the withdrawals of staked ETH. Currently, there are about 17.5 million ETH tokens worth $29 billion staked on the Ethereum network. 

Following the Shanghai Upgrade, there may be massive withdrawals of these tokens, which might lead to a dramatic rise in the liquid volume of ETH in the market. 

However, there is lots of speculation on how this potential development will affect the operations of liquid staking protocols, which are the largest contributor to the ETH staking market, owning 32% of all staked Ether tokens. 

Featured Image: Bloomberg, chart from Tradingview.
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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