Coinspeaker
Ethereum Bulls Are Unstoppable as ETH Price Breaks Above $3,500 in Anticipation of Dencun Upgrade

The cryptocurrency market has been on a remarkable uptrend in recent weeks, with Ethereum leading the charge among major altcoins. As the highly anticipated Dencun upgrade approaches on March 13th, 2024, the second-largest cryptocurrency by market capitalization has surged past the $3,500 mark, registering a staggering 60% price increase since hitting a low of around $2,200 in late January.

What the Dencun Upgrade Is All About

The Dencun upgrade, also known as the Ethereum Improvement Proposal (EIP) 4844, is a significant milestone in Ethereum’s roadmap, bringing substantial enhancements to the network’s scalability, efficiency, and overall performance. One of the most notable features of this upgrade is the introduction of a novel data availability sampling mechanism, often referred to as proto-danksharding.

Proto-danksharding is a precursor to the full implementation of sharding, a long-awaited scaling solution that aims to alleviate network congestion and reduce transaction fees by spreading the computational load across multiple partitions. This initial implementation creates a dedicated space for storing data, paving t...