The upcoming Shanghai upgrade of the Ethereum network, marking the end of a two-year shift to proof of stake, has been a topic of interest in recent news. The transition to proof of stake will allow access to approximately $34 billion worth of over 18 million Ethereum (ETH), causing investors to feel uncertain about the potential effects on the value of ETH, Bitcoin (BTC), and Big Eyes Coin (BIG).
Below, we will delve into this subject to examine the potential implications for ETH, BTC, and BIG.
The upcoming Ethereum Shanghai upgrade is set to bring about technical improvements to the network and enable staking withdrawals, completing the transition to proof of stake that has been ongoing for two years. However, the distribution of approximately 18 million ETH, valued at $34 billion, to validators after the upgrade has sparked investor concerns regarding the impact on the market value of the second-largest cryptocurrency.
Although the withdrawal queue restricts the number of daily requests, analysts predict that the short-term pricing impact will not be as severe as initially anticipated. Moreover, traders have already had access to staked ETH via liquid staking services like Lido even before the Shanghai upgrade. Consequently, some experts believe that Ethereum's long-term prospects will become more optimistic, given that the market has already priced in the upgrade's potential effects.
On the day of its debut, Ethereum's price increased by 2.95%, reaching a trading price of $1,985.98 and a market capitalization of $239.22 billion. Additionally, the rising competition in cryptocurrency custody is expected to lead to more ETH being locked up, attracting the attention of significant institutions like JPMorgan Chase and Standard Chartered, and potentially leading to a long-term price increase.
New data suggests that the progress of the current Bitcoin halving cycle is similar to that of previous cycles, with BTC price fluctuations following a comparable pattern. On Thursday, BTC saw a 0.72% increase, which may be partially attributed to the Shapella upgrade. However, analysts are already discussing the potential impact of the block subsidy halving slated for next year, which is expected to reduce the number of BTC miners can create per block.
BTC/USD has risen by nearly 70% in 2023, and the upcoming halving is anticipated to act as a catalyst for Bitcoin's price to reach all-time highs, similar to what occurred in previous cycles.
Big Eyes Coin, a cryptocurrency inspired by felines, has raised an impressive $33.6 million in presale during the Ethereum Shanghai upgrade. The Big Eyes Coin platform offers several exciting features, including the BIG COMP, a contest that awarded two winners $100K. The platform also boasts the Big Eyes Excali-Paw Chest, which could grant users up to $1 million in $BIG, as well as the BIG Loot and Mintable trading cards available on OpenSea. Moreover, investors can take advantage of the recently launched Stage 13, which is another exciting feature.
Big Eyes Coin is a unique cryptocurrency that places a high value on its investors, providing them with exclusive experiences. Despite its current price of $BIG 1891.89, token holders believe that the asset has enormous potential and are optimistic that its value will increase significantly once it hits the blockchain.
In the current market climate of cryptocurrency, having a well-diversified portfolio of assets is essential. Although Bitcoin (BTC) and Ethereum (ETH) are already considered commodities, it won't be long before Big Eyes Coin (BIG) becomes recognized as a valuable asset with the potential for substantial returns.
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
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