Ethereum soars 8% – closing in on $2k ahead of Shanghai upgrade

Representation of Ethereum, with its native cryptocurrency ether, is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic/Illustration

Ethereum is edging towards $2,000. Illustration/Dado Ruvic/Reuters

Ethereum has gained 8% in the past 24 hours as it edges closer to the $2,000 (£1,602) mark ahead of the blockchain’s Shanghai upgrade.

Ethereum (ETH-USD), the world’s second largest cryptocurrency by market capitalisation, reached a high of $1,920 in the last 24 hours, a price level not seen since August 2022.

The upward trajectory comes despite uncertain macroeconomic conditions caused by successive US Federal Reserve rate hikes, and turmoil in the global banking sector following the collapse of Silicon Valley Bank (SIVB).

What is Ethereum’s Shanghai Upgrade?

The upcoming Shanghai upgrade will mark Ethereum’s complete transition to a proof-of-stake network, further solidifying its position within the cryptocurrency landscape as the most widely adopted layer one blockchain.

Scheduled for April 12, the Shanghai upgrade, commonly known as ‘Shapella’, will signify the blockchain’s complete shift from a proof of work (PoW) to a proof of stake (PoS) network. Proof of stake blockchains use over 99% less energy to validate…

Read more…