Ethereum (ETH) is leading the charge in the crypto markets on Friday, as the price of the second largest cryptocurrency jumped 7% over the past day.

After climbing to an eleven-month high of $2,123.35, ETH is trading hands at $2,111, according to data from CoinGecko.

Ethereum developers successfully completed the long-awaited Shanghai hard fork on Wednesday, opening the doors to withdrawing the funds previously staked by the network’s participants.

While some experts agreed that enabling staked ETH withdrawals would hardly lead to significant sell pressure, few anticipated a sharp increase in price either.

Yet, Ethereum jumped 6% on Thursday, trading around $2,000 for the most part of the day, before experiencing another surge in the early hours of Friday.

One possible reason for the price rise is that along with the ability to withdraw the staked funds (not necessarily meaning that those funds will be sold), the Shanghai upgrade also means that investors are now able to stake coins on the Ethereum mainnet, providing a source of passive income. Furthermore, the upgrade has provided Go to Source to See Full Article
Author: Andrew Asmakov

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