Bitcoin initiated another leg up in the past 24 hours, resulting in tapping $31,000 for the first time since early June 2022.
ETH has also been on a roll since the Shapella upgrade, and the asset charted an 11-month high at over $2,100 earlier today.
The start of the week was quite uneventful for bitcoin, which had continued its weekend stagnation and stood primarily around $28,000. However, as Monday was coming to its end, so did BTC’s lack of movement.
The cryptocurrency skyrocketed first to $29,000 and then to and beyond $30,000 for the first time in ten months. Then came the CPI numbers for March, which were lower than the previous two months. This sent BTC north once more by $500.
Nevertheless, the asset lost all gains hours later and returned to around $30,000. The bulls stepped on the gas in the past 24 hours, pushing the cryptocurrency north once more. This time, bitcoin skyrocketed to over $31,000, marking yet another ten-month peak.
Its market capitalization has neared $600 billion, but its dominance over the altcoins has taken a beating, mostly due to ETH’s gains, and has declined to 46.4%.
Aside from the CPI numbers, the crypto community’s focus on Wednesday was on the long-anticipated Shapella upgrade. Despite some speculations that it could send ETH south due to the large amounts of unlocked tokens, the asset has actually gone on tear since its completion. ETH is up by over $200 in two days and registered an 11-month high earlier today above $2,100.
Dogecoin and Cardano are the other two massive gainers from the larger-cap alts. DOGE is up by 7%, leading to speculations that it could tap $0.1 following Musk’s actions on Twitter. ADA’s daily increase is similar, and it has exceeded $0.4.
More gains come from the likes of Uniswap, Chainlink, ATOM, APT, LDO, and ARB – which has exploded by over 20%.
Overall, the crypto market cap has added just over $40 billion in a day and sits close to $1.3 trillion on CMC.
