Ethereum Staking Value Reaches $110B as Price Hits Multi-year High

• Ethereum staking value has hit $110 billion as the number of ETH locked in the Beacon Chain has reached an all-time high.
• The network has grown after the Shapella Upgrade.

Ethereum staking value has hit a new record of $110 billion as the number of ETH locked in the Beacon Chain has reached an all-time high. The network has also grown after the Shapella Upgrade that enabled access to staked ETH. The price of Ethereum has hit $2,848.93, a multi-year high, boosted by various ecosystem factors.

According to data from crypto analytics and intelligence platform, Dune Analytics, there are 38,829,631 ETH deposited on-chain, with a market value of $110,774,336,206 based on the current market price of the coin, pegged at $2,848.93. 

There are 1,213,426 validators operating on the Ethereum mainnet with 155,755 depositor’s addresses respectively. The staked Ethereum value has a major impact on the price of the digital currency.

Ethereum has experienced major changes in the past few years with the Shapella Upgrade that enabled staked ETH to be accessible, giving investors more options. Instead of the upgrade causing the withdrawal of Ethereum, leading to the network’s failure, as many expected, the opposite has occurred until now.

As the protocol reduces the supply of ETH in circulation, it strengthens the deflationary aspects of the protocol and boosts the coin’s price. The price of Ethereum has reached $2,848.93, its highest level since early May 2022 at least, due to the combined fundamentals. This recent rally is supported by a 2.56% rise in 24 hours, 15.35% in the past week, and 12.25% in the past month.

Bitcoin Rally and ETF Outlook

The current surge in Ethereum is not only due to the technical impacts of the staking venture on the network, but also the general sentiment influenced by the surge in the price of Bitcoin and the wider spot BTC ETF sentiment. 

In addition, the debate about the potential approval of spot Ethereum ETF is boosting positive sentiment in the coin overall. With big names like BlackRock, Grayscale Investments and Fidelity Investments in the race, market experts have predicted the probability of approval at 60% sometime in May when VanEck’s application will be due for a final decision from the United States Securities and Exchange Commission (SEC). 

The projection for the Ethereum ETF is that its emergence will attract more institutional capital that will also positively affect the price of the asset.

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