Benzinga - Ethereum (CRYPTO: ETH) has outperformed the rest of its peers, as an improvement in risk appetite has generated some strength in the cryptocurrency space since Friday.
Ethereum Price Action: Ethereum, the second-biggest crypto, has been on a broad uptrend since it bottomed under $1,100 in Nov. 2022. The upward momentum was temporarily muted, as financial assets teetered amid economic and political uncertainties.
On June 18, 2022, Ethereum hit a low of $896.11 before staging a comeback. The peak-trough pullback between that low and the crypto's all-time high of $4,718.04 (which was reached on Nov. 9, 2021) was about 80%.
With the rally beginning Friday, Ethereum has managed to break out of a consolidation phase seen since late April.
At last check, Ethereum traded 1.35% higher at $1,933.04, according to Benzinga Pro data.
What's Behind Ethereum's Outperformance: Ethereum has been getting a lift in recent sessions thanks to the successful implementation of the Shanghai and Capella Hard Fork. These upgrades are expected to improve the crypto's Mainnet performance, a testament to the fact that the blockchain has been fully tested, developed, deployed and running on its own technology and protocol.
The upgrades are also expected to improve the blockchain's security layers and energy efficiency. More importantly, they could help lower the gas fees associated with the operation of layer-2 solutions running on top of Ethereum.
Return From Ethereum: A $1,000 invested in Ethereum at the 2018 closing price of $133.37 would have fetched 7.5 Ethereum. The same Ethereum would be worth around $14,347 today, with a return of 1,435%.
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