ETFdb Logo
ETFdb Logo
  • ETF Database
  • Channels
    • Active ETF
    • Beyond Basic Beta
    • China Insights
    • Climate Insights
    • Commodities
    • Core Strategies
    • Crypto
    • Direct Indexing
    • Disruptive Technology
    • Energy Infrastructure
    • ETF Building Blocks
    • ETF Education
    • ETF Strategist
    • Financial Literacy
    • Fixed Income
    • Gold/Silver/Critical Minerals
    • Innovative ETFs
    • Institutional Income Strategies
    • Leveraged & Inverse
    • Managed Futures
    • Market Insights
    • Modern Alpha
    • Multifactor
    • Night Effect
    • Portfolio Strategies
    • Responsible Investing
    • Retirement Income
    • Richard Bernstein Advisors
    • Tax Efficient Income
  • Tools
    • ETF Screener
    • ETF Country Exposure Tool
    • ETF Sector Tracker Tool
    • ETF Database Categories
    • Head-To-Head ETF Comparison Tool
    • ETF Stock Exposure Tool
    • ETF Issuer Fund Flows
    • Indexes
    • Mutual Fund To ETF Converter
  • Research
    • ETF Education
    • Equity Investing
    • Dividend ETFs
    • Leveraged ETFs
    • Inverse ETFs
    • Index Education
    • Index Insights
    • Top ETF Sectors
    • Top ETF Issuers
    • Top ETF Industries
  • Webcasts
  • Themes
    • AI ETFs
    • Blockchain ETFs
    • See all Thematic Investing ETF themes
    • ESG Investing
    • Marijuana ETFs
  • Multimedia
    • ETF 360 Video Series
    • ETF of the Week Podcast
    • ETF Prime Podcast
    • Video
  • Company
    • About VettaFi
    • Get VettaFi’ed
  • PRO
    • Pro Content
    • Pro Tools
    • Advanced
    • FAQ
    • Pricing
    • Free Sign Up
    • Login
  1. Crypto Channel
  2. Ethereum’s Price Rises With Coming Network Upgrade
Crypto Channel
Share

Ethereum's Price Rises With Coming Network Upgrade

Ben HernandezApr 06, 2023
2023-04-06

Ethereum, the second largest cryptocurrency by market capitalization, is seeing its price jump in recent days. A network upgrade is due for Ethereum, which has investors bullish as cryptocurrencies continue to recover from last year’s tumult. The upgrade, dubbed as “Shapella,” is scheduled for April 12. The upgrade is quite notable given that its Ethereum’s transition to a proof-of-stake (PoS) network from its current proof-of-work (PoW) network.

The move to PoS will allow for lesser energy consumption by almost 100%, according to a Markets Insider report. This will also allow for faster network transactions, which should instill more investor confidence in the crypto markets by retail and institutional investors.

Like Bitcoin, Ethereum has also been gaining so far in 2023. Its price is up 55% year-to-date and in the long term, specifically a five-year time frame, Ethereum is up over 270%.

“While analysts debate the short-term effects of this upgrade, it’s no doubt bullish for Ethereum going forward as it massively reduces its energy consumption and provides more favorable ESG optics when compared to bitcoin,” Nathan Thompson, lead tech writer at crypto exchange Bybit, told Markets Insider. “Furthermore, the smooth upgrades and consistent delivery of Ethereum’s roadmap have boosted investor confidence and piqued the interest of institutional investors.”

Cryptocurrencies Unaffected by Economy

Despite the current macroeconomic backdrop, cryptocurrencies are seemingly unfazed. Last year, digital currencies fell prey to the downward pressure of rising interest rates and inflation, but while those forces are still persistent in 2023, cryptocurrencies have been pushing higher.

Bitcoin is up almost 70% for the year, gaining steam lately thanks to a shaky banking sector fraught with the  rescues of First Republic Bank and Credit Suisse. This may have spurred a flight to safety in cryptocurrencies, fortifying its position as an alternative to traditional banking.

“With the US banking system in peril, we’ve seen a rise both in bitcoin’s price and bitcoin dominance vis-à-vis the rest of the crypto market,” Ben Caselin, Vice President at crypto exchange MaskEX, told Markets Insider. “As has often been the case, historically, following a serious and extended bitcoin rally, a return of investor confidence and enthusiasm can find expression in a so-called ‘altcoin season.’”

For more news, information, and analysis, visit the Crypto Channel.


Content continues below advertisement

Loading Articles...
Our Sites
  • VettaFi
  • Advisor Perspectives
  • ETF Trends
Tools
  • ETF Screener
  • Mutual Fund to ETF Converter
  • Head-To-Head ETF Comparison
  • ETF Country Exposure Tool
  • ETF Stock Exposure Tool
  • ETF Database Pro
More Tools
  • Financial Advisor & RIA Center
Explore ETFs
  • ETF News
  • ETF Category Reports
  • Premium Articles
  • Alphabetical Listing of ETFs
  • Browse ETFs by ETF Database Category
  • Browse ETFs by Index
  • Browse ETFs by Issuer
  • Compare ETFs
Information
  • Contact Us
  • Terms of Use and Privacy Policy
  • © 2023 VettaFi LLC. All rights reserved.

Advertisement

Is Your Portfolio Positioned With Enough Global Exposure?

ETF Education Channel

How to Allocate Commodities in Portfolios

Tom LydonApr 26, 2022
2022-04-26

A long-running debate in asset allocation circles is how much of a portfolio an investor should...

Core Strategies Channel

Why ETFs Experience Limit Up/Down Protections

Karrie GordonMay 13, 2022
2022-05-13

In a digital age where information moves in milliseconds and millions of participants can transact...

}
X