Ethereum News: Ethereum, the second largest cryptocurrency, recorded a price increase of a whopping 7% in the past 24 hours as the network successfully completed the highly anticipated Shanghai hard fork. However, the upgrade allowed the network participants to withdraw their staked funds.

Also Read: Ethereum Institutional Demand Rises, Will ETH Move BTC Out Of Crypto Spotlight?

Ethereum poised to outperform Bitcoin?

The largest of the altcoins surged as the price of Ethereum (ETH) crossed the much-anticipated $2100 mark after 9 long months. Ethereum’s price surge comes in as Bitcoin, the largest crypto asset, appears to be at the helm in the medium term. As sentiment turned in favor of ETH, the second-largest cryptocurrency outperformed BTC over the past 7-day period. ETH price rose 13%, while BTC price rose 10%.

Crypto Analyst, Credible Crypto Suggested that the price of Ethereum could take a hit in the near term, while it is safe to deal with Bitcoin at this stage. It is important to note that when Bitcoin leads, altcoins follow. Since the ETH price broke through the $2.1K level shortly after breaking the crucial $2K level, this implies ETH strength. Read more Ethereum news here…

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However, this could also suggest that attention may now shift to some altcoin, but only if Bitcoin stays for a while and persists. Cryptos such as Cardano (ADA) and Solana (SOL) have increased in price by 14% and 21% respectively.

It is important to note that the ETH price increase is quite weak compared to the Bitcoin increase as market participants did not buy Ethereum in anticipation of a drop after the update. Meanwhile, the amount of unstaking turned out to be much less than expected and the ETH price registered an increase. The ETH price is up more than 5% in the last 24 hours. It is trading at an average price of $2,115, at the time of writing.

Ashish believes in decentralization and has a keen interest in the development of Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing crypto industry through his writings and analysis. When he’s not writing, he’s playing video games, watching a thriller, or exercising outside. Reach me [email protected]

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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