Lido Staked Ether has surpassed XRP to change into the sixth-largest cryptocurrency, with a market cap of over $31 billion.
Lido Staked Ether’s (stETH) bullish market is basically attributed to Ethereum’s vital features this month, because the second-largest cryptocurrency reached $3,200 at the moment and a 40% surge for the token in February alone.
Dune analytics knowledge exhibits that Ether deposits on Lido are nearing 10 million ETH, because the protocol hasn’t seen any web outflows since Dec. nineteenth. Presently, Lido Staked Ether accounts for 35% of all EH deposits on EigenLayer, one of many main platforms that present entry to the Ethereum staked capital.
Lido Staked Ether represents a tokenized model of staked Ethereum within the Ethereum 2.0 Beacon Chain, facilitated by the Lido decentralized finance (defi) protocol. Lido allows customers to stake their Ethereum with out locking the property or sustaining staking infrastructure, thereby addressing a few of the key limitations related to the Ethereum 2.0 staking mechanism.
On the identical time, XRP is underperforming the market rally, dropping practically 2.5% in every week. Regardless of Bitcoin, Ethereum, and Solana recording notable features at the moment, XRP’s value has solely seen a 0.5% enhance.
XRP merchants are exhibiting a slightly cautious sentiment available in the market, as the continuing battle with the SEC continues to be removed from over. If the ruling favors the SEC, it might see XRP paying $2.64 billion in penalties, making 2024 essentially the most worthwhile monetary yr for the fee.
Regardless of XRP’s disappointing efficiency this yr, whales have invested $40 million in XRP during the last 10 days. This might counsel a possible shopping for the dip for the altcoin, which might finally push XRP to interrupt past its resistance stage at $0.58 in March.