• Ethereum Network experienced a successful quarter in Q2, with a 3% increase in its market cap.
• Liquid staking, regulatory clarity, and fiat interest propelled the network’s success.
• ETH is expected to reclaim the $2K level soon as a result of its quarterly success and relatively hype-free price action.
Ethereum Network Experiences Successful Quarter
The Ethereum Network has experienced a successful quarter in Q2, with a 3% increase in its market cap compared to an average decline of 23% for other featured L1s. A combination of Liquid staking, regulatory clarity, and fiat interest propelled Ethereum’s dominance. The meme coin craze for tokens like PEPE also contributed to the Network’s quarterly results. Enabling withdrawals reduced the staking risks on Ethereum and, combined with liquid staking, gave the Network a boost.
ETH Price Speculation
The #2 ranked digital asset has been flying relatively under the radar since dropping from its $2,100 heights in mid-April. ETH changed hands at just under $1,890 on July 21. But the Network’s quarterly success and relatively hype-free price action could help the token reclaim the psychological support level of $2K according to Messari’s report. Moreover, BlackRock’s filing for a spot Bitcoin ETF raised much speculation which could be beneficial for ETH given that it is next most likely candidate for a spot ETF accoring to Santiment’s data analysis.
Overwhelming Self-Custody Could Push Token Over $2000
According to Messari’s report Over half of ETH stake was in liquid form by end of quarter including Coinbase’s cbETH which is 25% year-to-date (YTD) increase and overwhelming self-custody could push token over 2000$. Moreover Santiment data analysis suggest that relative “immunity” from regulations plus pressure on altcoin market coupled with Shanghai upgrade are factors that have contributed towards achieving this milestone by Ethereum network this quarter end .
Liquid Staking Gains Significant Attention In DeFi Market
Liquid staking protocols and downstream use of their liquid staking tokens (LSTs) in DeFi have gained significant attention within Ethereum ecosystem especially during this quarter as enabling withdrawals reduced staking risks on Ethereum giving it boost . According to Santiment data analysis , ETH has been comparatively less shiny than XRP which pushed 70% since win against SEC on July 13th due “boring” price actions .
Conclusion
In conclusion it can be said that despite Crypto markets undergoing volatility recently , Ethereum network continues its bullish run outperforming competitors backed by liquidity ,fiat interests ,regulatory clarity & Shanghai upgrades paving way for it reclaiming mark of 2000$ soon enough supported by overwhelming self custodies & rising DeFi trends .