ETH’s Largest Staking Service stETH Peg Regains as BTC is Poised to Raise

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Altcoins
ETH’s Largest Staking Service stETH Peg Regains as BTC is Poised to Raise

Despite the recent lacklustre performance of the cryptocurrency market, some assets have shown signs of strength in bouncing back from their lows and establishing bullish momentum. Meanwhile, the global cryptocurrency market cap has increased by 1.30% over the last 24 hours. During this period, the total market volume of digital assets has also increased by 33.28%.

stETH Peg Regains

The token that is part of the largest liquid staking program in Ethereum, the Lido-staked Ether, has regained its 1-year-old peg to the exchange rate. After falling as low as -7% in mid-June, it regained its peg and trades above 0.997 per ETH.

The development of the proprietary version of Ethereum of the Lido DAO looked like it might eventually collapse. Instead, it recovered. Notably, its recovery coincided with the increase in the APR of the stETH token after the ETH merge. It is an obvious way to raise the stETH bids.

Approximately 4.4 million ETH has been staked on Lido’s platform, and more than 143,000 ETH has been paid out in rewards to stETH stakers. With 30% of all Ethereum liquid staked, it is the largest Ethereum liquid staking pool.

The year for cryptocurrencies was generally bad. In May 2022, Terra LUNA tanked, and several other companies, such as Voyager Capital and Celcius Network, went bankrupt. These losses could have affected investors’ deposits and collateral for loans, including stETH.

Meanwhile, Binance burned $1.86 million worth of Luna Classic $LUNC fees collected today from spot and margin trading pairs. With the price surging more than 70% this week and over 44% this month, as the investors waited for the burn, the crypto is poised for more growth.

Since its launch in May 2022, the performance of the stETH token has been volatile. However, it’s starting to recover since the merger with another company. All investors will have to wait until the Shanghai upgrade in 2019 to withdraw their tokens.

The performance of the stETH token has been volatile since it was first launched in May 2022. However, it’s starting to recover since the merge. Meanwhile, the Shanghai upgrade will take place sometime next year, so all Lido holders must wait until then to withdraw their tokens.

ETH’s Price Consolidates

Ether’s price has fluctuated between $1270 and $1320 in the past 24 hours. The bears are still holding their ground while the bulls are resisting. In the past few weeks, the price of Ethereum has been rising to around $1326, which is a crucial level. If the price of Ether continues to break below these levels, a steep decline could be on the way.

ETH could be affected by the impatient bears, hoping to push it lower as the new quarter begins. If it breaks below the support level of $1100 and drops to $1050, this could trigger a potential trend reversal. Long-term investors could also accumulate Ether, pushing it back to the upper levels of the market.

If a bullish case is presented in the market, ETH could extend its rally and reach its target of around $2200. However, it could attain these levels if the entire market goes through a massive bull run.

BTC Poised to Rise

Bitcoin price is currently testing the lower limit of its channel, which means that a bounce is expected unless the bears take over. On the upside, investors can expect the price to test the channel’s upper boundary, which is currently at $20,465. On the downside, a break below the $19,049 support could cause a crash to the $17,593 level.

Although Bitcoin is trading higher, the ascending parallel channel suggests that the price is in the early stages of a bear trend. If the price can break below the support level, it could trigger a deeper decline. However, it could invalidate the negative outlook if it bounces back above the $20,737 support.

PlanB, the creator of the Stock-to-Flow model for bitcoin, revealed that he made his third investment in the cryptocurrency industry. He first entered the ecosystem in 2015 when it was trading at around $400. Three years later, he purchased more when it was around $4,000. He recently made his third investment in the coin, which was valued at $20,000.

According to PlanB, the number of Google queries about Bitcoin has been at an all-time high whenever he made a purchase. The phrase “Bitcoin is dead” became very popular during the market crash of June this year, when the digital currency hit an 18-month low of $17,500 (an 18-month low).

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Julius Mutunkei

Julius is a blockchain reporter skilled at synthesizing all crypto-related information to make articulate texts easy for anyone to grasp. With a beginner's level certificate in Financial Analysis, Julius can read, interpret and report crypto findings to help investors exercise the best judgment in their decision-making process. When he is not caught up in the crypto frenzy, Julius likes playing a game of FIFA with his online buddies.