Ethereum ETH Price: Rises above $3,500 as they convert BTC to ETH ahead of Denkun.
Ethereum rose 15% last week, reclaiming the crucial $3,500 threshold for the first time since the start of the 2022 crypto summer. With Denkun update date less than two weeks away, the world's leading smart contracts blockchain continues to gather momentum.
TLDR
Ethereum price has surpassed $3,500, the highest level since January 2022, gaining 15% from last week and 91% of all ETH gains now according to IntotheBlock data.The update, dubbed Denkun, is scheduled for March 13, introducing “proto-danksherding” to improve the speed of the DeFi market. Price. Close to $100 billion, recovering from $36 billion declines, WELL strategically arbitrages BTC/ETH exchange on correction, pocketing $338K profit.
According to CoinGecko, ETH reached $3,506 – bought by over $16 billion in high volume trading on the last day. The strength has boosted the total market cap of the cryptocurrency to more than $416 billion.
The data from IntotheBlock highlights the scope of the activity, 91% of the Ethereum market is currently in profit. This figure represents all but 9% of ETH compared to the average cost base of coin holders. Ahead of Denkun's March 13 launch, while buyers remain strong, network activity and sentiment continue to build.
The update focuses on introducing “proto-danksharding,” which greatly increases transaction speeds and reduces congestion by leveraging Layer 2 infrastructure. The changes will provide immediate relief to gas payment pain points that have hampered Ethereum's scaling and mainstream adoption efforts.
Developers are universal in trumpeting the importance of Denkun. Consensus creates a seminal moment in the development of sweeper modification functionality by improving the interoperability between Ethereum's main chain and secondary channels.
Market participants seem to agree as ETH prices react sharply as the calendar winds down. In one recent show of confidence, an opportunistic whale executed $5 million worth of strategic BTC/ETH swaps around the narrative.
The firm initially traded 1,500 ETH for 88 BTC on February 26, when it chose Bitcoin as its currency. As sentiments turned to Denkun's launch, the investor reversed positions and redeemed 88 BTC for 1,600 ETH for a profit of nearly $340,000.
A smart whale turns $BTC into $ETH!
He exchanged 1,500 $ETH for 88.68 $WBTC($4.58M) at 0.05913 on February 26, leaving the ETH/BTC pair short.
Then 88.68 $WBTC was exchanged for 1,597 $ETH($5.57M) at 0.05554 today, which became 97 $ETH($338K). pic.twitter.com/MhAZBwEv4w
— Lookonchain (@lookonchain) March 4, 2024
Such arbitrage strategies show investors moving around potential events. The whale's actions to secure additional ETH exposure pre-upgrade protection indicate that Denkun is a source of further profit valuation.
Adding fuel, the Ethereum ecosystem now supports a total value of nearly $100 billion locked in its DeFi landscape. The increase follows unstable production protocols against Terra-induced decimation.
But with sound fundamentals returning, ETH seems on an inevitable path to $4,000 in short order amid network effects and its revolutionary technology roadmap.
