Ethereum: 11-month high after upgrade  

Delays in withdrawing funds

Ether posted another 5% rise in the early hours of the Asian market as the Shapella upgrade went smoothly . Thus, the world’s second largest cryptocurrency reached $2,130.80, marking the biggest increase in its value since May 2022.

Fears of a mass withdrawal of funds after the release of $30 billion worth of tokens were ultimately not confirmed. Of course, there have been several withdrawals that have been delayed, revealing the limits of what transactions Ethereum can process. Which points to possible weaknesses in the system as it struggles to become a widespread financial structure. Ethereum can process about 1,800 confirmed withdrawals per day or about $115 million for security purposes.

Still, there were no massive withdrawals as some analysts had feared, which encouraged buyers.

Many have been monitoring the situation during the upgrade, and now that it has been completed without a hitch, everyone is rushing to participate. Liquidation was quite low, so that helped increase mobility. With the upgrade there was a wait for huge liquidations. This did not happen and now every transaction moves the market upwards. – Matthew Dibb, Astronaut Capital