Ethereum’s native token, Ether, has experienced a 3% increase following the Wednesday evening launch of Ethereum’s Shanghai upgrade. Ether is now approaching the $2,000 mark as deposits into the Ethereum network have outpaced withdrawals, disappointing those who expected a mass outflow of coins following the upgrade. This outperformance of market leader Bitcoin has resulted in a “sell the rumor, buy the fact” redux, according to Paradigm’s David Brickell. Analysts had differing opinions on potential price action in the days leading up to the upgrade, with some predicting increased sell pressure as fresh supply entered the market, while others anticipated a psychological battle among traders punishing the over-crowded short trade.
According to on-chain data tracked by the Rated network explorer, Kraken led the unstaking parade for Ether, making up 62% of the exit queue. The number of validators in the exit queue had surpassed 15,000 at press time, per Parsec Finance. Kraken’s dominance of the unstaking queue is expected, given the legal issues it has faced with the US Securities and Exchange Commission (SEC). In February, the SEC determined Kraken’s staking offerings to be unregistered securities, although staking programs offered by competing exchanges were not subjected to this ruling.
Trading platform eToro has announced a new partnership with social media giant Twitter. The new service, named “$Cashtags,” will offer users real-time prices for cryptocurrencies, stocks, and other assets, while directing them to the eToro platform to make trades. The service aligns with Twitter owner Elon Musk’s plans to integrate financial services into the platform, as part of his intentions to create a “super app.” This move is expected to boost eToro’s user base, with traders and analysts anticipating a wild bull market in the near future.
The chart of the day shows the top projects in all crypto market sectors based on the total fee earned in the past 30 days and their year-on-year growth. Ethereum remains the top fee generator, but its share of total fees paid in the market has gradually declined. Meanwhile, Tron, Ethereum’s competitor, has entered the top 10 list this year. Token Terminal has stated that “Tron is now vying for market leadership, bolstered by its widespread adoption in emerging markets.” Increased network usage often bodes well for native cryptocurrency.
In conclusion, the recent Ethereum upgrade has resulted in a boost for Ether, with the native token outperforming Bitcoin. Kraken’s dominance in the unstaking queue is unsurprising, given its legal issues with the SEC earlier this year. The new partnership between eToro and Twitter is expected to increase eToro’s user base, with traders anticipating a wild bull market in the near future. Finally, Ethereum’s competitor Tron has entered the top 10 list of crypto market sectors, vying for market leadership.