Ethereum’s native token is one of the best performers of the past few days, especially after the successful completion of the Shapella upgrade.
With that, ETH recorded its highest price in almost a year, leaving around $100 million in daily liquidations.
- All eyes in the crypto community were on Ethereum Shapella’s upgrade this week, which was the most significant for the second-largest blockchain since the merger.
- However, there has been much speculation that there could be a massive sell-off and price slide given the large amounts of ETH to be unlocked. Despite this, the actual unlock was much smaller for security reasons, and ETH price action went in the opposite direction.
- The second largest cryptocurrency was trading at around $1,900 on the day the Shapella update went live. Since then, it has gained more than $200 and has broken above $2,100 for the first time since mid-May 2022.
- In the last 24 hours alone, ETH is up more than 10%, outperforming Bitcoin and most altcoins.
ETHUSD. Source: TradingView
- As might be expected, this massive one-day rise in price has resulted in numerous aggrieved short traders. The total value of ETH liquidations daily is close to $100 million, which is roughly three times that of BTC.
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