Since the start of the year, the price of ether has increased by around 25%.
“Net deflationary supply” and “network revenue generation” were other causes as per report.
The impending Dencun upgrade, which will boost throughput and decrease the cost of certain network transactions, may have contributed to Ethereum’s recent price increase, according to asset manager Grayscale Investments. However, many market watchers are relating the rise in prices to optimism surrounding the potential approval of a spot ether ETF.
Grayscale Research Analyst William Ogden Moore mentioned:.
“We believe that recent price performance reflects the market’s anticipation of this upgrade. Ethereum’s Dencun upgrade, scheduled for March 13th, 2024, represents a major step forward and could help Ethereum compete in terms of scalability with faster chains in the Smart Contract Platforms Crypto Sector, such as Solana.”
Multiple Factors at Play
Ethereum is the second most valuable cr
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