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[Weekly] ETH Hits 11-Month Highs and Shapella Upgrade Goes Live

[Weekly] ETH Hits 11-Month Highs and Shapella Upgrade Goes Live

Bitcoin shrimps, those with less than 1 BTC, have accumulated 35k BTC in just the last 30 days, while Microstrategy's holdings have put them in the green.

Sabyasaachi K & Sushant Vasudevan
April 15, 2023

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Disclaimer: All price movements are recorded up to 03:30 PM UTC, 14th Apr 2023

The crypto market was up and running this week. Ethereum surged ahead after a successful upgrade brought investors in droves, and the other top cryptos followed suit.

Crypto simplified

The historic Shapella Upgrade in the Ethereum blockchain is now live. Crypto-curious folks have been discussing this moment for ages now.

Things that hint that the weekend will be great if these happen on a Friday:

🥇You walk into your favorite restaurant on a Friday evening and get seated immediately, even without a reservation.

🏄‍♂️ETH crossing the $2100 mark reaching an 11-month high.

Both of these happened this Friday.

You might wonder, wasn’t this upgrade called the Shanghai Upgrade earlier? Yes, the crypto community has been hyping the Shanghai alias for a long time. However, there are technically two upgrades going live simultaneously, Shanghai and Capella.

🫡 Shapella = Shanghai + Capella

👉🏻Shanghai: Allows stakers (people who had locked their ETH) to withdraw

👉🏻Capella: Accepts withdrawal requests

However, the best part is that the ‘sell the news’ connotation totally failed. ETH didn’t dump like crazy after the unlock. In fact, what followed was totally the opposite.

Why it matters: The ability to withdraw with a peace of mind will now bring even more stakers. Higher the number of stakers, the better for the Ethereum network.On a fundamental level, this update has marked another milestone in the journey towards a decentralized network and will attract even more stakers. The higher the number of stakers, the better it is for the Ethereum network.

What does it mean for investors: The short-term price trend for ETH following the upgrade has been on strong rising momentum. Moreover, ovver 47% of the ETH investments that were locked initially are yet to breakeven. Such investors would not sell their investments at a loss. Layer 2 tokens have also surged on the back of the move in ETH, with Arbitrum (ARB), and Optimism (OP) rallying 30.8% and 18%.

Top Highlights of the Week

1. Sync-ing to the top

Ethereum layer-2 network zkSync Era saw its Total Value Locked (TVL) grow to over $245 million since its launch on March 22nd. On-chain data reveals that the TVL is split into over 70,000 ETH (coins, not dollars), $81 million in USDC, and $8 million in MUTE. It is also distributed over multiple protocols on the zkSync Era network. The overall network has processed over 7 million transactions with a throughput of 3.5 transactions per second.

Our takeaway: With speculations of a zkSync airdrop flying around, the increase in interest was inevitable. And those buying into the hype are likely trusting the pattern of L2 networks launching in-house tokens. Irrespective of how that plays out, they are still betting on solid infrastructure that is unlikely to leave them disappointed once the bull market rolls around.

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2. You're telling me a shrimp bit this coin?

Bitcoin's recent performance in the market has attracted a lot of interest from Bitcoin shrimps. These are Bitcoin wallets with less than 1 BTC, and they've accumulated 35k BTC in just the last 30 days. Overall, this takes Bitcoin shrimps' holdings to 1.3 million BTC. And while the shrimps accumulate, a whale is already seeing profits, at least on paper. Microstrategy, the largest holder of Bitcoin, holds ~$4.17 billion worth of BTC, bought at an average of $29,803. With Bitcoin's current price standing just over $31,800, Microstrategy's officially in the green.

Our takeaway: With this, shrimp wallet holdings equate to over 6% of the coin's total supply. The fact that Bitcoin shrimps are actively accumulating is a promising sign for the adoption of BTC and crypto as a whole. As for Microstrategy, for those worried about a selloff, just know it isn't likely. The volume of BTC they hold is way too huge to sell at a profit at the current price. Moreover, they're in this for the long run so it's unlikely to be a matter of concern.

3. Didn't see that coming, did you?

After multiple rounds of advancements and delays, Ethereum's Shanghai Upgrade went live on April 12th. And following its successful implementation, the market could not have found the coin more attractive. ETH's price didn't just breach the psychological resistance level of $2,000; it barrelled past it. ETH was hovering below the $1,900 mark for a while now. But in the past 7 days, it went up by a whopping 13.76%, carrying its market cap over the $250 billion ceiling.

Our takeaway: There was a lot of noise surrounding ETH price movements leading up to the Shanghai Upgrade. And now that the update's gone live, boy, could the naysayers have been more wrong? A stable update coupled with fulfilled promises got the investors circling like hungry sharks. And while the buying pressure's probably got dreamers dreaming of the flippening, the realists know that such dramatic uptrends are usually followed by a price correction- fingers crossed, though.

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Disclaimer: All price movements are recorded up to 03:30 PM UTC, 14th Apr 2023

The sectors were pretty much identical to the top cryptocurrencies and looked greener than the Amazon rainforest.

Crypto jargon of the week

Explain Like I'm 5

"Wei"

Where there is a bill, there is a Wei

Smallest unit of Ether

Example- Wei is used to pay transaction fees on the Ethereum network

[Weekly] ETH Hits 11-Month Highs and Shapella Upgrade Goes Live

Bitcoin shrimps, those with less than 1 BTC, have accumulated 35k BTC in just the last 30 days, while Microstrategy's holdings have put them in the green.

Disclaimer: All price movements are recorded up to 03:30 PM UTC, 14th Apr 2023

Crypto simplified

Top Highlights of the Week

1. Sync-ing to the top

Mudrex: Where smart investors go to grow their crypto portfolios

2. You're telling me a shrimp bit this coin?

3. Didn't see that coming, did you?

Refer your friends, stay awesome 🚀

Crypto jargon of the week

Other stories that caught our eye this week