After spending decades under the shadow of Bitcoin (BTC), Ethereum (ETH) has finally started to create a niche of its own. Although Ethereum price has stayed in a narrow range for the past many months, its liquid staking numbers are turning heads worldwide.
Ethereum price smashed an all-time high of $4066 on March 12, 2024, when everything looked green in the crypto market. Bitcoin also hit an all-time peak at the same time, and since then, it’s been quite close to breaching the all-time high yet again. However, lady luck has refused to smile on Ethereum like it did on Bitcoin. Ethereum is still struggling far from the magical top number.
Will Ethereum Price Hit $4k Ever Again?
Everyone in the crypto market is asking the same question these days. Will Ethereum price ever regain the psychological milestone of $4000? Many analysts and traders are scratching their heads to find the answer to this question. However, the latest Ethereum price trends clearly indicate that ETH has failed to live up to the expectations. It also confirmed that Ethereum is not even playing second fiddle to Bitcoin anymore. Solana (SOL) has practically dethroned Ethereum as the top altcoin with maximum growth. Although Ethereum remains the top altcoin in the world, Solana is challenging its position with impressive performance in the past few months, banking on its meme coin-friendly platform.
As mentioned above, everyone in the crypto community is looking for answers about when Ethereum will explode in value. At 03:00 am EST, Ethereum was seen trading at $2610.32 after a 4.08% jump in the last 24 hours. However, the Ethereum price is still 1.29% below the level of $2645, which was recorded a week earlier. The current level of $2610.32 is at over 10.94% advantage when compared with the start of the year when it was clocked in at $2,353.25. However, it has surged by more than 46% when compared with October 31, 2023, when Ethereum price was recorded at $1810.13.
Despite recent headway, Ethereum’s price looks highly unlikely to breach the psychological barrier of $4000 in the short term. Crypto analysts and experts are pinning their hopes on Ethereum’s ability to retest the next big milestone, $3000. As Bitcoin is flirting with the $70000 mark and looks all set to retest its all-time high, much is left to be desired for Ethereum.
Ethereum Hits Jackpot in Liquid Staking
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While everyone eagerly awaits the Ethereum price to skyrocket to par with Bitcoin and Solana, Ethereum has found a jackpot of inspiration in liquid staking. The Ethereum blockchain has recorded massive growth in the past few months, thanks mainly to its liquid staking, which has become a staple in its ecosystem, with almost 14.14 million locked in. The rise in popularity of protocols like Binance and Lido has further contributed to the growth of the Ethereum blockchain.
As Ethereum is banking on centralizing liquidity, the fundamental questions remain unanswered about its network’s security and decentralization. Despite the concerns, the Ethereum blockchain’s liquidity is making it big for the biggest altcoin in the world. As mentioned above, the liquid staking of Ethereum tokens is on the rise. According to the official date, 11.74% of the total 120.4 million Ethereum tokens in circulation are a part of its liquid staking initiative. On the back of this massive growth, ETH-staked liquid has surged to 14.14 million ETH, much higher than the 2.28% ETF shares managed on ether.
Lido and Binance at the Forefront of ETH Liquid Staking
A number of crypto platforms are reaping the fruit of the flourishing staking market on the Ethereum blockchain network. However, Lido Finance and Binance enjoy the lion’s share with 9.75 million ETH and 1.52 million staked ETH, respectively. Lido Finance currently holds around 68.97% of the staked ETH tokens, whereas Binance has also surged from 1.42 million to 1.52 million staked ETH tokens in only three months. The top two are followed by Rocket Pool, Mantle, and Coinbase, and the top five represent about 93.09% of the total ETH tokens in liquid staking.
The Final Thoughts
As Lido Finance, Binance, Rocket Pool, Mantle, and Coinbase represent more than 93% of the total ETH liquid staked ETH tokens, the Ethereum blockchain looks well-positioned to capitalize on the opportunity to thrive in this space. However, the growth does come with its fair share of concerns about Ethereum’s decentralization.
Stay tuned to The Bit Journal to learn more about Ethereum’s price movement, predictions, and how its liquid staking keeps stakeholders interested. Follow us on Twitter and LinkedIn, and join our Telegram channel to be instantly informed about breaking news!
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
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