ETH, Lido rally following update on Ethereum’s Merge as markets turn green ETH, Lido rally following update on Ethereum’s Merge as markets turn green
Ethereum, Lido have been on a green run since it was revealed that the Merge could happen on September 19.
2 min read
Updated: Jul. 18, 2022 at 11:56 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Flagship digital assets Bitcoin (BTC) and Ethereum (ETH) are in the green as their values rose to over $22,000 and $1,400 in the last 24 hours.
According to data from Coinglass, over $300 million in short positions were liquidated because of the mini-rally of these assets.
In the last 24 hours, Ethereum liquidated $210 million in short positions against it, while Bitcoin liquidated $71 million.
Ethereum has been on a green run since developers revealed that its highly anticipated Merge is set to occur on September 19.
Ethereum’s price has risen by over 25% in the last seven days.
Glassnode data showed that the number of addresses holding more than 32 ETH had reached a 16-month high.
📈 #Ethereum $ETH Number of Addresses Holding 100+ Coins just reached a 15-month high of 45,081
Previous 15-month high of 45,069 was observed on 13 July 2022
View metric:https://t.co/FbjiMG3uFX pic.twitter.com/iMufq6Nzcc
— glassnode alerts (@glassnodealerts) July 18, 2022
The number of wallets holding at least 100 ETH has also risen to a 15-month high of 45,081, Glassnode said.
Lido is up by over 170% in 7 days
Lido DAO Token (LDO) has risen by over 170% in the last seven days as interest in the coin grows on the back of the timeline for Ethereum’s Merge.
In the last 24 hours, LDO’s value has dropped by 3%. But that did not stop it from trading at its highest value in the last 30 days at $1.82.
LDO’s transaction volume spiked by over 21% in the last 24 hours.
The coin’s trading chart showed that its relative strength index (RSI) is above 70, which means it is currently overbought — indicating that it may be ready for a short-term pullback.
Lido’s dominance of staked Ethereum remains unshaken as over 4 million units of ETH have been staked via the protocol — one-third of the total staked ETH.
As of press time, the USD value of Ethereum staked via Lido is over $6 billion.
📰 Summary 📰
– Positive growth in liquid staking across all networks.
– ETH staking with Lido remains behind industry average due to stETH market discount.
– Lido ecosystem remains growing despite the tumultuous DeFi times.
— Lido (@LidoFinance) July 15, 2022
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Bitcoin
$98,344.72
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Lido Staked ETH
$3,603.48
stETH is a token that represents staked ether in Lido, combining the value of initial deposit + staking rewards.
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