The value of Ethereum (ETH) approached $3,000 on Feb. 19 amidst anticipation regarding developments which can 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 larger than Bitcoin’s 0.4% features over the identical interval and likewise larger than the crypto market’s general 1.2% features.
Lido Staked Ether (STETH) noticed comparable features of three.88% over 24 hours. Ethereum 2.0 staking tokens as a class noticed features of 5.4%, in response to information 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 briefly liquidations.
Progress could also be resulting from ETF anticipation, Dencun improve
Ethereum’s newest features could also be linked to the likelihood that the US Securities and Trade Fee (SEC) will approve a spot Ethereum exchange-traded fund (ETF).
Although no important regulatory developments round spot Ethereum ETFs occurred as we speak, a related report from the brokerage agency Bernstein acquired widespread protection. Analysts on the firm predicted a 50% likelihood {that a} spot Ethereum ETF shall be authorized by Could and a near-certain likelihood that such a fund shall be authorized 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 instructed that Coinbase’s main function as an ETF custodian may compromise Ethereum’s proof-of-stake mannequin by permitting the agency to “management all the community.”
Knowledge from Dune Analytics means that Coinbase is at present 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 could be held in spot ETH ETFs, it’s unclear whether or not Coinbase may 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 goal to take action.
Other than these ETF prospects, there may be additionally important anticipation round Ethereum’s Dencun improve, which is ready to happen on March 13. That improve will notably embody 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. Be taught extra about Ethereum ›
Crypto Market Abstract
On the time of press 9:55 pm UTC on Feb. 19, 2024, the full crypto market is valued at at $1.98 trillion with a 24-hour quantity of $69.19 billion. Bitcoin dominance is at present at 51.35%. Be taught extra concerning the crypto market ›
