Ethereum price increase driven by anticipation of Dencun upgrade: Grayscale | Headlines | News | CoinMarketCap
02/24/2024 01:36
While many market watchers might be attributing Ethereum's recent price increase to optimism stemming from the possible approval of a spot ether ETF, …
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Published on February 23, 2024 18:06 GMT+00:00edited on February 23, 2024 18:09 GMT+00:00
While many market watchers might be attributing Ethereum's recent price increase to optimism stemming from the possible approval of a spot ether ETF, asset manager Grayscale Investments has suggested that the cryptocurrency rose in value because of Ethereum's upcoming Dencun upgrade, which will increase the throughput and reduce the cost of some transactions on the network.
"We believe that recent price performance reflects the market’s anticipation of this upgrade," Grayscale Research Analyst William Ogden Moore wrote in a new report published on Friday. "Ethereum’s Dencun upgrade, scheduled for March 13th, 2024, represents a major step forward and could help Ethereum compete in terms of scalability with faster chains in the Smart Contract Platforms Crypto Sector, such as Solana."
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