ETH skyrocketed to its highest price level since May of last year.
Ethereum’s native token is one of the best performers in the past few days, especially after the successful completion of the Shapella upgrade.
As such, ETH charted its highest price tag in almost a year, leaving roughly $100 million in liquidations on a daily scale.
All eyes in the crypto community were on the Ethereum Shapella upgrade this week, which was the most significant one for the second-largest blockchain since the Merge.
However, this one carried a lot of speculations that it could result in a massive sell-off and price slide, given the large amounts of ETH to be unlocked. Nevertheless, the actual unlocking was a lot less due to security reasons, and ETH’s price trajectory went in the opposite direction.
The second-largest cryptocurrency stood at around $1,900 on the day the Shapella update went live. Since then, it has added more than $200 and jumped above $2,100 for the first time since mid-May 2022.
In the past 24 hours alone, ETH is up by more than 10%, outperforming bitcoin and most of the altcoins.
ETHUSD. Source: TradingView
Somewhat expectedly, this massive price surge in the span of a day has resulted in numerous harmed short traders. The total value of ETH liquidations stands close to $100 million on a daily scale, which is approximately three times more than BTC’s.
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn
