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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

These Cryptocurrencies Are Well-Positioned To See Gains Ahead Of Ethereum’s Upgrade

Best Owie
Best Owie
2 years ago
3 mins read
Ethereum bull

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The Ethereum Shapella upgrade has been scheduled to happen in April which would be a significant upgrade for the network. As a result, the price of Ethereum, as well as other tokens on the blockchain, has been seeing a good upside. However, there are some cryptocurrencies that are uniquely positioned to benefit from this upgrade.

Liquid Staking Cryptocurrencies Make A Run For It

As Ethereum has rallied, liquid staking protocols have followed closely behind. These LSD tokens came into prominence with Ethereum’s move to a proof of stake mechanism. Since ETH staked on the network could not be withdrawn, LSD protocols gave stakers their version of wrapped Ether which they could spend while their ETH remained locked.

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With the planned upgrade on April 12 which would allow stakers to withdraw their ETH, LSD tokens rallied ahead of the news due to their exposure. Lido Finance (LDO) is the leading ETH staking protocol and has been at the forefront of the rally.

In the last day, the price of LDO has risen over 10%, making it one of the top gainers. Other LSD tokens have followed suit with Rocket Pool (RPL) rising over 10% in the same time period. Frax Share (FXS), pSTAKE (PSTAKE), and StakeWise (SWISE) are all seeing double-digit gains in the same 24-hour period.

Ethereum liquid staking tokens

LSD tokens all trending in green | Source: CryptoSlate

Ankr Protocol (ANKR) is, however, lagging behind the rest with only 3.61% gains. Nevertheless, all of the liquid staking tokens are seeing an upside and will likely continue their run-up right up until the Ethereum upgrade is completed.

Ethereum Upgrade Could Trigger More Upside

The anticipation around the Shapella upgrade is already reflected in the price of ETH which broke above $1,900 for the first time since August 2022. The cryptocurrency’s rise above this point has been an important catalyst for the recent market rally but the question is whether this rally will continue.

Ethereum price chart from TradingView.com

ETH price recovers above $1,900 | Source: ETHUSD on TradingView.com

Interestingly, the Ethereum liquid staking sector has grown to a $4.34 billion market cap. The volume being driven by these protocols serves as even more fuel for the blockchain they’re sitting on, and the more ETH they burn in fees, the higher the chances of more upside for the price.

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On its own, Ethereum is faring quite well. Besides its price crossing $1,900, its trading volume has also grown significantly, moving up almost 20% to bring its 24-hour volume above $11.3 billion. There has also been a 10% rise in the daily active Ethereum addresses, proving further that investors are looking favorably toward the upgrade.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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