The price of Ethereum (ETH) has risen 12% and broken above $2,100 U.S. following the successful completion of the Shapella network upgrade.
The price of Ethereum has now increased nearly 15% in a week. Year-to-date, the price of the second largest cryptocurrency has gained 76%.
The latest price spike comes after an upgrade to Ethereum’s network was successfully completed, enabling people to access the cryptocurrency more easily and potentially unlocking more than $30 billion U.S. of liquidity.
Ethereum advocates are cheering after the cryptocurrency’s network successfully completed its highly anticipated Shapella upgrade, also known as the Shanghai hardfork.
The upgrade provides more liquidity to the network by allowing investors to withdraw their staked assets and sets the foundation for additional upgrades and enhancements in the future.
The Shapella upgrade follows the Merge last September that made Ethereum the most energy efficient cryptocurrency to mine.
The gains in Ethereum come as Bitcoin (BTC) also continues to rally, having gained 10% in the past week to trade at nearly $31,000 U.S. Bitcoin’s price is up 85% on the year.
