Ethereum waits for Shanghai

After the US non-farm employment data, which was announced on Friday and met expectations, we will follow a series of data concerning the crypto money market in the new week. Ethereum Shanghai (or Shapella) update is on the agenda of cryptocurrency players. This upgrade, which is scheduled to take place on Wednesday, will unlock 17 million locked Ethereums with a market capitalization of approximately $32 billion.

Exciting days for Ethereum

There are market participants who think that this situation may create selling pressure on the Ethereum price, as well as market players who think that the Ethereum rate in the stock markets is close to historical lows and the volatility of Ethereum options has been decreasing for the last two weeks, so that investors do not foresee a risky situation.

While it remains unclear which direction the Ethereum price will take during the week, it is obvious that the Shanghai update has created an expectation in the market. As a matter of fact, while the Bitcoin price has been accumulating in the $28,000 region for a long time, Ethereum has gained 10% in the last two weeks and has exceeded the $1,900 level for the first time since August 16, 2022. 

Bitcoin, which continues to trade in a narrow band at the weekend, starts the new week at $ 28,300, while Ethereum finds buyers in the $ 1,860 region as of the morning of April 10. While Bitcoin dominance maintains its course above 47, the total value of the crypto money market continues its horizontal course with 1 trillion 185 billion dollars.

Along with these developments, the race of countries in crypto currency mining continues. It has been reported that Russia, whose view of cryptocurrencies gained a different dimension especially after the war, is in the second place after the USA in mining activities. According to a study by Bitriver, Russia's cryptocurrency mining capacity reached 1 gigawatt between January and March, placing it in second place after the United States.