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The worth of Ethereum (ETH) approached $3,000 on Feb. 19 amidst anticipation regarding developments which might be anticipated to happen within the coming months.
As of 8:35 pm UTC, ETH was priced at $2,937 with a market capitalization of $352.96 billion. That change represents 4.12% progress over 24 hours — considerably larger than Bitcoin’s 0.4% features over the identical interval and in addition larger than the crypto market’s general 1.2% features.
Lido Staked Ether (STETH) noticed comparable features of three.88% over 24 hours. Ethereum 2.0 staking tokens as a class noticed features of 5.4%, in response to knowledge from CoinGecko.
Ethereum was answerable for a comparatively small portion of 24-hour liquidations. The asset accounted for $35.48 million of liquidations, together with $8.43 million in lengthy liquidations and $27.05 in brief liquidations.
![](https://cryptoslate.com/wp-content/uploads/2024/02/Screenshot_2024-02-19_13-26-39.png)
Progress could also be resulting from ETF anticipation, Dencun improve
Ethereum’s newest features could also be linked to the likelihood that the US Securities and Change Fee (SEC) will approve a spot Ethereum exchange-traded fund (ETF).
Although no vital regulatory developments round spot Ethereum ETFs occurred immediately, a related report from the brokerage agency Bernstein obtained widespread protection. Analysts on the firm predicted a 50% likelihood {that a} spot Ethereum ETF will likely be accepted by Could and a near-certain likelihood that such a fund will likely be accepted inside one yr. Mixed with different comparable predictions in previous months, this report might have affected investor sentiment and market exercise.
Some backlash has additionally emerged round Ethereum’s ETF prospects. Apollo co-founder Thomas Fahrer advised that Coinbase’s main function as an ETF custodian might compromise Ethereum’s proof-of-stake mannequin by permitting the agency to “management your complete community.”
Information from Dune Analytics means that Coinbase is presently answerable for about 15% of all ETH staking, whereas one other staking platform, Lido, is answerable for greater than 31%. As a result of it’s unknown how a lot crypto is likely to be held in spot ETH ETFs, it’s unclear whether or not Coinbase might acquire dominance by holding funds on behalf of these ETFs. Moreover, it’s unclear whether or not the SEC will allow staking of ETH held in spot Ethereum ETFs, although some candidates purpose to take action.
Aside from these ETF prospects, there’s additionally vital anticipation round Ethereum’s Dencun improve, which is ready to happen on March 13. That improve will notably embody proto-danksharding, a function anticipated to enhance ETH transaction prices and scalability.
On the time of press 10:39 pm UTC on Feb. 19, 2024, Ethereum is ranked #2 by market cap and the value is up 2.69% over the previous 24 hours. Ethereum has a market capitalization of $356.82 billion with a 24-hour buying and selling quantity of $15.44 billion. Be taught extra about Ethereum ›
On the time of press 10:39 pm UTC on Feb. 19, 2024, the overall crypto market is valued at at $1.99 trillion with a 24-hour quantity of $68.83 billion. Bitcoin dominance is presently at 51.35%. Be taught extra in regards to the crypto market ›
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