Shapella’s successful launch has boosted ether, and other alternative currencies higher. This is fueling the ” Alt Season ” narrative on Crypto Twitter.

Ether gained over 10% during the last 24 hours. It traded at an 11-month high of $2,120 in Asian trading hours. The Shapella update on Thursday marked a significant development for the Ethereum Network, allowing users the freedom to stake or unstake tokens at their discretion. This has improved the overall outlook of the Ethereum network.

The governance tokens for the liquid staking protocol saw huge gains. Lido’s LDO, and Rocket Pool’s RPL, both soared as high as 14%. Both protocols have locked billions of dollars in order to offer yields to ether staking users. Users can stake any amount to earn rewards, while maintaining the liquidity of the locked coins via derivative tokens.

Lido’s staked Ether Tokens (STETH) have risen to the top 10 cryptocurrencies in terms of market capitalization, with a total of $12 billion. This is the amount locked onto the protocol.

Valerie Tetu is the head of strategy for Lido Finance. She told CoinDesk, that Shappella’s upgrade has likely improved user confidence.

Tetu stated via email that “Staking withdrawals made possible by the Shanghai upgrade represents a significant milestone for the development of Ethereum’s blockchain.” “Withdrawals allow stakers more confidence in participating in the security of the network while increasing capital efficiency for the tokens that they decide to assign.”

She added, “With regard to the staking eco-system, the ability of users to withdraw tokens will promote healthy competition between platforms and providers as well as a wider diversity of staking architectures and offerings to flourish.”

Dogecoin (DOGE), on the other hand, gained for a second consecutive day. The run was largely attributed to the announcement by eToro that it would be offering crypto trading from Twitter, the Elon Musk owned social media platform. This likely drove speculations about doge eventually being adopted as a payment on the platform.

Musk has been a vocal proponent of dogecoin and expressed his support for its development on several occasions.

ADA also grew by nearly 9%, mainly due to the fundamental growth of the Cardano Network, including a wider support for the development of decentralized applications.

Several market analysts expect the rally to continue in the coming weeks.

Ilya Volkov told CoinDesk that neutral news regarding US inflation and deferred demand pushed ETH prices up today.

“ETH remains in the same upwards trend channel since the beginning of this year. Volkov said that if the macro situation doesn’t worsen, it is unlikely that the current trend will change in the near future. Despite the fact the selling pressures are going to increase over the next few weeks because of the unlocking of liquidity.