Ethereum PoW (ETHW) Surges as Staking Market Cap Declines
Ethereum PoW (ETHW) has experienced a significant increase in value over the past day, reaching its highest level in seven months. At the time of writing, ETHW is trading at $3.4, marking a 27% increase in the past 24 hours. The asset’s market cap has exceeded $365 million with a daily trading volume of $72.6 million. ETHW emerged as a separate blockchain after a fork from the main Ethereum blockchain in September 2022.
ETHW’s Rise Contrasts with Declining Staked ETH Market Cap
Despite ETHW’s recent surge, it is still down 97% from its all-time high in August 2022. On the other hand, data from Staking Rewards reveals that the total ETH staking market cap has decreased by 0.7% over the past week and currently stands at $56.8 billion. The decline began when Ethereum’s price dropped below $2,100.
Possible Asset Swapping by Ethereum Network Validators
The number of staked Ethereum has decreased from an all-time high of 28.44 million ETH to 28.23 million coins, suggesting that validators on the Ethereum network may be swapping their assets for profit. Additionally, the reward rate for staking ETH has increased by 28% over the past two days.
Vitalik Buterin’s Plans for ETH Staking Renovation
Ethereum co-founder Vitalik Buterin has expressed his intention to renovate and address centralization issues in ETH staking through the Dencun update.
Decline in Staked Ethereum Influences Price and Trading Volume
As the amount of staked Ethereum decreased, the asset’s price also declined by 1.5% in the past 24 hours. However, Ethereum’s trading volume saw a 20% surge, surpassing $10 billion.
Hot Take: ETHW Surges as Staking Market Cap Slides
Ethereum PoW (ETHW) has experienced significant growth, reaching a seven-month high, while the market cap for staked Ethereum has declined. This divergence suggests a possible shift in investor sentiment towards ETHW as validators on the Ethereum network may be looking to swap their assets for profit. Despite this, Ethereum co-founder Vitalik Buterin has plans to address centralization issues in ETH staking through an upcoming update. As the market dynamics continue to evolve, it will be interesting to see how these developments impact the overall ecosystem and the value of both ETHW and staked Ethereum.
By
By
By
By
By
By