Ethereum Pushes Past Prior Limits With A Record-Breaking TPS Spike

XRP reserves on Binance have collapsed to record lows, reflecting intense selling pressure as the cryptocurrency market faces significant volatility and declining investor confidence. This situation is exacerbated by Bitcoin's struggles and the broader market's fear and uncertainty.

Ethereum's mainnet has raised its block gas limit to 60 million, marking the highest level in four years, as reported by network data. This increase is seen as a significant step in enhancing the network's capacity and efficiency ahead of the anticipated Fusaka upgrade.

Amundi has launched a euro money market fund on the blockchain, introducing the first tokenized share recorded on Ethereum, allowing investors to choose between traditional and blockchain-based versions of the fund.

Ethereum traders have increased their leverage as futures dominance rises, setting a price target of $3,400 for ETH. This strategic positioning comes as the cryptocurrency tests critical technical levels, indicating a potential rally if bullish sentiment prevails.

Solana (SOL) has demonstrated resilience by maintaining its position above the critical $140 support level, despite a recent $37 million hack on South Korea's Upbit exchange, which has raised concerns in the cryptocurrency market. The exchange has suspended deposits and withdrawals following the breach, which affected its Solana wallet.

Bitcoin has recently rebounded above the $90,000 mark after a period of intense selling pressure, yet the Coinbase Premium Index remains negative, indicating that US institutions are selling more aggressively than retail investors. This situation reflects ongoing market fears and uncertainty following a significant correction from the cryptocurrency's all-time high in October.

Ethereum is currently trading significantly below its intrinsic value, with a spot price of $3,034 compared to a calculated fair value of $4,777.5, indicating a potential upside of 57.8%. This assessment comes from a new valuation dashboard launched by Hashed CEO Simon Kim, which aims to provide a more analytical perspective on Ethereum's worth beyond market speculation.

Bitcoin's market structure has weakened significantly as the cryptocurrency experiences a dramatic drop in its Sharpe ratio, indicating increased volatility and negative on-chain metrics. The price of Bitcoin has struggled to maintain upward momentum, reflecting a broader bearish trend in the market.