In a surprising turn of events, staking activity on the Ethereum blockchain has significantly increased after the Shanghai update on April 13, 2023. This news comes from data compiled by CryptoQuant, a platform that offers real-time cryptocurrency market data and analysis.
Many market analysts were expecting a drop in Ethereum’s price after the update, as unstaking became possible. However, the data shows a rapid rise in both the “Total Value Staked” and “Staking Inflow Total” metrics. Additionally, the price of Ethereum has surpassed $2,100, a positive sign for Ethereum investors.
It is worth noting that the rise of Ethereum has been relatively weak when compared to Bitcoin’s recent dominance in the market. The reason for this is that market participants did not buy Ethereum in anticipation of a decline after the update. However, the data now suggests that the amount of unstaking has been much lower than anticipated, and as a result, the price of Ethereum has remained stable. This stability has led to an increase in buying and staking of Ethereum, which in turn has caused the price to rise.
Experts believe that Ethereum’s price may continue to rise in the short term. However, it is still uncertain how the market will react in the long term, and whether or not this increase in staking activity will continue. Some analysts believe that this rise may be temporary and that the price of Ethereum may still see a decline in the future.
Regardless, the recent increase in staking activity on the Ethereum blockchain is an encouraging sign for the cryptocurrency industry as a whole. It demonstrates that investors are still interested in investing in cryptocurrencies and that they see potential in Ethereum’s future growth.
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