The price of ether (ETH) has surpassed the $2,100 region for the first time in many months. Ethereum’s Shapella upgrade went live on April 12, enabling over $1 billion worth of staked ETH withdrawals, yet the price of ether continues to scream higher.
After several months of planning, the much-anticipated Ethereum Shapella upgrade successfully went live on April 12, ushering in various network improvements while enabling the withdrawal of staked ETH.
Despite initial fears that enabling withdrawals of ETH tokens locked up in the chain since the last merge event that marked the transition of Vitalik Buterin’s Ethereum into a proof-of-stake (PoS)-based blockchain would trigger a massive crash in the price of the world’s second-largest cryptocurrency, the reverse has been the case.
While the global banking crisis has triggered a solid bullish momentum across the crypto markets since last month, ETH has emerged as one of the standout performers this month, with a price increase of 23.5% in the past 30 days.
When filing this report, ether (ETH) is exchanging hands for $2,110, representing a 6.7% increase in the last 24 hours. However, despite the recent bull run, ETH is still down by 56.73% from its all-time high of $4,878.26, reached in November 2021.
Ethereum’s 24-hour trading volume currently sits at $17,063,677,127, with a market cap and market cap dominance of $253,760,642,168 and 19.026%, respectively, according to CoinGecko.