Crypto News

Record-Breaking Ether Price Surpasses $2,100

Published by
Nonhlanhla P Dube

Ether, the native unit of Ethereum, has been making headlines lately due to its surging value in the cryptocurrency market. The cryptocurrency has increased in value by more than 10% over the last day and is currently selling at more than $2,100 on several cryptocurrency platforms. This latest surge in price is part of a broader trend that has seen the value of Ether increase significantly in recent months.

However, the rise in the value of Ether is not the only interesting development in the Ethereum ecosystem. At the same time that Ether’s price is surging, more than $2 billion worth of Ether (including rewards) has been verified for withdrawal, changing its status to 0x01. According to data tracking application tokens.unlock, 1.07 million ETH, worth $2.27 billion, are currently awaiting withdrawal as of 1 a.m. EDT.

Furthermore, an estimated 53,050 ETH, worth $111.81 million, is expected to be withdrawn over the course of the next 11 hours, bringing the daily average for ETH withdrawals to $223.54 million. This highlights the growing popularity of Ethereum and its potential for becoming the go-to platform for decentralized applications and smart contracts.

Despite the growing number of withdrawals, a significant amount of Ether is still being deposited into the Ethereum ecosystem. 17.39 million Ether, worth $36.54 billion, are still deposited (earning awards excluded), representing 15.42% of the entire supply of ETH. By deducting the entire amount of Ether taken out from the total amount of Ether put in, one can get the net staking balance for the previous day, which is positive, indicating that more Ether was deposited than removed. In fact, 4,070 more ETH was deposited than removed.

Since the Shapella hard fork went live, the net staking balance has decreased by over -140,000. 247,820 ETH have been withdrawn, compared to 107,790 ETH that has been deposited, or less than half of the total amount. The centralized exchange Kraken, which started withdrawal requests totaling more than 551,000 ETH ($1 billion), is the most renowned Ether unstaker. However, the U.S. Securities and Exchange Commission filed charges against Kraken for allegedly failing to register its staking program in the nation, for which Kraken agreed to pay a $30 million fine. This settlement is what is driving Kraken’s unstacking efforts.

On April 12, just before 6:30 p.m. EDT, Ethereum’s Shapella update, the first significant modification since last year’s Merge switched the system to a proof-of-stake consensus method, became live at block height 6209536. The Ethereum Improvement Proposal 4895 was adopted by the Shapella hard fork, thereby enabling users and validators to withdraw their staked Ether. Additionally, the Shapella update optimizes some transactions’ Ethereum gas fees.

In conclusion, Ether’s surging value and the growing number of withdrawals are highlighting the increasing popularity of Ethereum and its potential to become the go-to platform for decentralized applications and smart contracts. While some may be withdrawing their Ether due to the recent rise in its value, others are still depositing it, indicating the growing interest and confidence in the Ethereum ecosystem. The recent Shapella update is also expected to improve the overall user experience by optimizing Ethereum gas fees, further strengthening Ethereum’s position as a leading platform for decentralized applications and smart contracts.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Share
Published by
Nonhlanhla P Dube
Tags: Ethereum

Recent Posts

Tesla Unveils Refreshed Model 3 in North America with Exciting Upgrades

Model 3 Refresh: Tesla introduces a restyled Model 3 in North America, featuring a rear…

January 11, 2024

SEC Twitter Account Compromised, False Bitcoin ETF Approval Post Triggers Market Volatility

Unidentified individual accessed SEC's Twitter through a third party. Lack of two-factor authentication heightened vulnerability.…

January 11, 2024

Global Currency Markets Navigate Economic Uncertainties: Yen Weakens, Dollar Awaits U.S. Inflation Data

Japanese yen falls against the dollar and euro due to persistently shrinking real wages for…

January 11, 2024

Oil Prices Unmoved as Unexpected U.S. Inventory Build Raises Concerns

Unexpected Inventory Build: U.S. crude inventories unexpectedly grew, sparking concerns about weakening fuel demand and…

January 11, 2024

YanGuFang International Group Appoints Interim Executives Amidst CEO and CFO Detainment

Leadership Shake-up: CEO and CFO of YanGuFang International Group detained by Shanghai Police, prompting interim…

January 11, 2024

Cryptocurrency Market Analysis: SHIB, SOL, and ETH Navigate Challenging Terrain

SHIB breaches 200-day EMA, signaling bearish sentiment. Historical data suggests strong buyer reactions and potential…

January 11, 2024