On March 10, Ethereum’s price surpassed $1,400, which turned out to be a good deal because the cryptocurrency increased in value by 27.1% by March 21.
But, the three reasons that drove the price growth, including its connection with tech stocks, its expanding overall value locked, and its deflationary token arithmetic, all show that the path to $2,000 is set in stone. Ether’s 19.4% fall over the previous six months can be attributed to a variety of factors. The Shanghai hard fork update for Ethereum was postponed from March to early April, and after Shanghai, the “Surge,” “Verge,” “Purge,” and “Splurge” updates are on the roadmap.
Ethereum Prices Are Steadily Rising
It is more likely that rival networks will show the effectiveness and possibly gain a competitive edge the longer these intermediary steps to attain scalability take.
The ability to employ liquid staking derivatives on other decentralized finance networks without giving up staking income is a strong argument in favor of switching to liquid staking platforms.
Following U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler’s Sept 2022 statement that proof-of-stake cryptocurrencies may be subject to securities rules, traders may create a narrative based on regulatory uncertainty.
The SEC and Kraken, a cryptocurrency exchange, came to an agreement in February 2023 that required Kraken to stop providing crypto holding services to customers in the United States and to pay $30 million in disgorgement.
Include that their software allows users to access pooled computational resources, Salesforce, Oracle, and SAP are comparable to Ethereum in this regard. This is in contrast to the largely equipment-reliant businesses like chipmakers Nvidia and TSMC, network suppliers Microsoft plus Oracle, and technology firms Apple and Cisco.
