The value of Ethereum (ETH) approached $3,000 on Feb. 19 amidst anticipation regarding developments which might be anticipated to happen within the coming months.
As of 8:35 pm UTC, ETH was priced at $2,937 with a market capitalization of $352.96 billion. That change represents 4.12% development over 24 hours — considerably higher than Bitcoin’s 0.4% positive aspects over the identical interval and in addition higher than the crypto market’s total 1.2% positive aspects.
Lido Staked Ether (STETH) noticed comparable positive aspects of three.88% over 24 hours. Ethereum 2.0 staking tokens as a class noticed positive aspects of 5.4%, in line with knowledge from CoinGecko.
Ethereum was accountable for a comparatively small portion of 24-hour liquidations. The asset accounted for $35.48 million of liquidations, together with $8.43 million in lengthy liquidations and $27.05 in brief liquidations.
Progress could also be on account of ETF anticipation, Dencun improve
Ethereum’s newest positive aspects could also be linked to the chance that the US Securities and Alternate Fee (SEC) will approve a spot Ethereum exchange-traded fund (ETF).
Although no important regulatory developments round spot Ethereum ETFs occurred at the moment, a related report from the brokerage agency Bernstein obtained widespread protection. Analysts on the firm predicted a 50% likelihood {that a} spot Ethereum ETF will likely be accredited by Might and a near-certain likelihood that such a fund will likely be accredited inside one 12 months. Mixed with different related predictions in previous months, this report might have affected investor sentiment and market exercise.
Some backlash has additionally emerged round Ethereum’s ETF prospects. Apollo co-founder Thomas Fahrer prompt that Coinbase’s main position as an ETF custodian might compromise Ethereum’s proof-of-stake mannequin by permitting the agency to “management all the community.”
Knowledge from Dune Analytics means that Coinbase is presently accountable for about 15% of all ETH staking, whereas one other staking platform, Lido, is accountable for greater than 31%. As a result of it’s unknown how a lot crypto is likely to be held in spot ETH ETFs, it’s unclear whether or not Coinbase might acquire dominance by holding funds on behalf of these ETFs. Moreover, it’s unclear whether or not the SEC will allow staking of ETH held in spot Ethereum ETFs, although some candidates purpose to take action.
Aside from these ETF prospects, there may be additionally important anticipation round Ethereum’s Dencun improve, which is about to happen on March 13. That improve will notably embrace proto-danksharding, a function anticipated to enhance ETH transaction prices and scalability.
Ethereum Market Knowledge
On the time of press 9:55 pm UTC on Feb. 19, 2024, Ethereum is ranked #2 by market cap and the worth is up 3.83% over the previous 24 hours. Ethereum has a market capitalization of $355.16 billion with a 24-hour buying and selling quantity of $15.63 billion. Study extra about Ethereum ›
Crypto Market Abstract
On the time of press 9:55 pm UTC on Feb. 19, 2024, the whole crypto market is valued at at $1.98 trillion with a 24-hour quantity of $69.19 billion. Bitcoin dominance is presently at 51.35%. Study extra concerning the crypto market ›