Here’s why ETH’s underperformance is not linked to Shanghai
According to Hal Press, Ethereum’s [ETH] underwhelming performance in recent times could be a result of some faults in the nearing Shanghai Upgrade. Compared to other top altcoins with a lower market cap, ETH has not been equal to the trend.
<p lang=«en» dir=«ltr» xml:lang=«en»>ETH is, in my opinion, the crypto asset that has seen its fundamentals strengthen most so far this year with the ecosystem as vibrant as ever and devs executing at an extremely high level. Yet, it's one of the worst performers due to Shanghai «overhang». This is not sustainable.— Hal Press (@NorthRockLP) February 28, 2023
How much are 1,10,100 ETHs worth today ?
The founder and lead educator at North Rock Digital opined that the upgrade “overhang” was not sustainable despite admitting the exceptional work put in by the blockchain developers. This opinion came after Ethereum developers confirmed success with the Sepolia Testnet .
On the contrary, BlockTower Capital founder Ari Paul did not align with Press’ judgment. In defense of his opposition, Paul mentioned that ETH has never capitulated and the cryptocurrency’s underperformance was expected.
<p lang=«en» dir=«ltr» xml:lang=«en»>Not because of Shanghai imo. It’s *because* ethereum fundamentals have been so strong consistently over last year. ETH never “capitulated”, so it’s gonna underperform everything that did on the bounce from lows. Also this dynamic: little new money coming into crypto. /1— Ari Paul ⛓️ (@AriDavidPaul) February 28, 2023
He also linked the performance to the Ethereum market cap, noting that altcoins with smaller market capitalization tended to grow faster in value. Paul advanced in his position, saying,
“Hard for large caps to meaningfully pump. But some $100m or $1b or
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