• Ether (ETH) surges past $2,000 after successful Shanghai upgrade.
• Bitcoin’s (BTC) market dominance drops to 48.12% from a 21-month high.
• Ethereum network’s long-awaited tech upgrade, called Shanghai or Shapella, was deployed without a hitch late Wednesday.
Ether’s Post-Shanghai Rally Knocks Bitcoin Dominance From 21-Month High
Ether (ETH)’s share of the total crypto market capitalization rose to a one-month high after its fresh rally above $2,000 following the successful Shanghai upgrade late Wednesday. This drop in Bitcoin’s (BTC) dominance rate from an almost two-year record high of 49.06% down to 48.12% was due to ETH’s improved performance in comparison with the broader crypto market. Additionally, Ethereum’s long-awaited tech upgrade, called Shanghai or Shapella, was deployed without any issues late Wednesday enabling the withdrawal of more than 17 million staked tokens..
Bitcoin Dominance Rate
The BTC dominance rate is calculated by taking BTC’s market capitalization and dividing it by the total market cap of all cryptocurrencies combined. It is an important metric to assess relative strength between Bitcoin and other cryptocurrencies as well as identify periods when altcoins outperform, also known as an altcoin season. Similarly, Ether dominance shows the second largest cryptocurrency’s relative value to the crypto market..
An “altcoin season” occurs when alternative coins outperform Bitcoin in terms of price action and trading volume which causes bitcoin’s predominance ratio to decline significantly. This period usually sees retail investors investing more into various altcoins while institutional investors remain bullish on bitcoin..
US State Regulators Investigating Crypto Trading Firm Genesis Global Capital: Barron’s
US state regulators are reportedly investigating cryptocurrency trading firm Genesis Global Capital for possible fraud which could potentially lead to civil charges against the company according to Barron’s magazine on April 12th..
It’s Time To End Maximalism In Crypto
Maximalism is defined as having an extreme loyalty towards one particular asset or platform within a particular industry and has become increasingly prevalent in the cryptocurrency space; however, this can be damaging for innovation if people are too focused on one project and overly critical or dismissive of others..