Cryptocurrencies surged more than 3 percent in the past 24 hours as the euphoria that followed the successful completion of the Shapella upgrade on the Ethereum network engulfed cryptosphere. While Ethereum jumped 6 percent overnight to trade above $2k, Bitcoin rallied 2 percent to touch a 24-hour high of $30,848.46.
The successful completion of the Shapella upgrade – Shanghai upgrade on the execution layer and the Capella upgrade on the consensus layer- allows users to stake and unstake tokens from the network as well as marks the full transition to a proof-of-stake consensus mechanism.
The cooling in inflation and the Increasing hopes of a Fed pivot supported the rally. The Dollar Index, a measure of the Dollar’s relative strength falling below the psychological 101 level also added fuel to the frenzy. It is currently at 100.96, after falling to a low of 100.79.
Overall crypto market capitalization is currently at $1.29 trillion, versus $1.25 trillion a day earlier.
Ethereum (ETH) recouped the $2,100 level, last recorded in May 2022. ETH has gained 6.2 percent in the past 24 hours, 14.4 percent in the past week, 25.5 percent in the past 30 days and 76 percent on a year-to-date basis. Ether has outperformed Bitcoin’s 30-day return of 24.4 percent and edged closer to the leading cryptocurrency’s 85.5 percent gain in 2023.
The brilliant rally also helped Ether jump to the 40th position in the ranking of all assets published by companiesmarketcap.com, rising 4 notches from the position a day earlier. Ether’s crypto market dominance has increased to 19.79 percent, from 19.24 percent a day earlier. Around 71 percent of the Ether holders are in the money at current prices.
Market leader Bitcoin has gained almost 2 percent overnight to trade at $30,841.51. Bitcoin’s dominance dropped to 46.39 percent from 46.87 percent a day earlier, amidst Ethereum’s dazzling post-Shapella rally.
Stablecoins have dropped to 10.2 percent of the crypto market, from 10.6 percent a day earlier. Share of the residual altcoins increased to 23.59 percent, from 23.33 percent a day earlier.
4th ranked BNB (BNB) gained 3 percent overnight, amidst the announcement of the burning of 2 million tokens.
7th ranked Cardano (ADA) was the best performer among the top 10 cryptocurrencies with an overnight rally of 6.2 percent.
8th ranked Dogecoin (DOGE) recorded overnight gains of 3.2 percent as hopes of a Twitter integration got a boost following Twitter’s tie up with eToro to allow crypto trading on Twitter.
56th ranked Rocket Pool (RPL), the governance token of liquid staking protocol is the top gainer among the top 100 cryptocurrencies with an 18.7-percent overnight rally. 34th ranked Arbitrum (ARB) also gained 18.2 percent. 63rd ranked Optimism (OP) and 86th ranked Loopring (LRC) also surged more than 10 percent in the past 24 hours.
41st ranked Quant (QNT) dropped 2.7 percent in the past 24 hours despite the bullish sentiment in the broader crypto market.
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