BTC Stumbles; ETH Ascends To 11-Month High
By Laxmikant Khanvilkar
The price of Ethereum, the second largest virtual digital asset (VDA) by market capitalisation, kept rising in stark contrast to market expectations of major volatility following the Shanghai upgrade. Ether’s prices soars to 11-month high and was last quoted at $2,100. For months traders were speculating whether Ether prices would fall or rise once the blockchain completes the milestone upgrade. Ether has risen more than 9% since the Ethereum Shanghai upgrade.
Bitcoin, the largest crypto by market capitalisation, is struggling to maintain the $30,000 mark. In fact, it was last quoting at $29,870 level, showing a drop of 1.3%.
Meanwhile, the two leading VDAs posted a strong rally in prices last week.
The ETH price is now up 77% year-to-date, still trailing the bitcoin (BTC) price gain of 83% in 2023, but catching up fast.
Analysts said the market’s pessimism regarding Ethereum staking withdrawals proved excessive.
The global crypto market capitalization has seen a 0.36% increase over the last 24 hours, reaching a total of $1.28 tn. Trading volume amounts to $36.86 bn, a 5.21% increase from the previous day. DeFi’s trading volume is currently at $3.73 bn, making up 10.12% of the total crypto market volume. Stablecoins make up a large part of the volume at 88.09%, totalling $32.47 bn. Bitcoin’s dominance has decreased by 0.27%, and is now at 45.79%.
For the week, traders will keep an eye on macro economic data while awaiting to hear the speeches from FOMC members Bowman, Williams, Waller and Fed Governor Cook.
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