Ethereum’s native token has been performing exceptionally well in recent days, especially after the successful completion of the Shapella upgrade.
As a result, ETH reached its highest price point in almost a year, causing nearly $100 million in daily liquidations.
- Observers in the cryptocurrency community were closely monitoring the Ethereum Shapella upgrade this week, which was the most significant upgrade for the second-largest blockchain since the Merge.
- However, there was speculation that this could result in a massive sell-off and price drop due to the large amounts of unlocked ETH. Despite this, the actual amount of unlocked ETH was much less due to security measures, causing ETH’s price trajectory to move in the opposite direction.
- The second-largest cryptocurrency was trading at around $1,900 on the day the Shapella upgrade went live. Since then, it has increased by more than $200 and exceeded $2,100 for the first time since mid-May 2022.
- In the past 24 hours alone, ETH has increased by more than 10%, outpacing bitcoin and most altcoins.
- As expected, this sharp price increase in just one day has resulted in many traders holding short positions suffering losses. The total value of ETH liquidations on a daily basis is close to $100 million, which is approximately three times more than BTC’s.
