Major coins traded in the green on Thursday evening as investors welcomed the news of softening U.S. economic data.
What Happened: ETH surged to an impressive 8-month high, surpassing the $2,000-mark. This comes on the back of the successful Shapella upgrade executed by the network.
At the time of writing, the global cryptocurrency market capitalization stood at $1.28 trillion, up 4.62% over the last day.
U.S. stocks jumped Thursday as traders cheered another report pointing to cooling inflation. The S&P 500 climbed 1.33% while the Nasdaq Composite advanced 1.99%.
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News Highlights: Ether’s price rally surged above $2,000 following the successful Shanghai upgrade on Wednesday, causing Bitcoin’s dominance to drop from its almost two-year record high, as reported by TradingView data.
Analyst Notes: Edward Moya, senior market analyst at OANDA, said, “Today is all about Ethereum and its successful Shanghai Upgrade. It took more than a few years, but now Ethereum is fully Proof-of-Stake. Withdrawals are allowed but it doesn’t seem like any serious dumping is occurring.”
Crypto analyst Michaël van de Poppe predicts an exciting quarter ahead. He foresees an upward trajectory for Bitcoin, with prices soaring towards $40-50K, and Ethereum not too far behind, heading towards $2,800-3,000. He said, “Altcoins getting more momentum as confidence is back in the markets (and they have a small window).”
Pseudonymous crypto analyst JA_Maartun said as Ethereum rallies while Bitcoin remains sluggish, it may signal weakness in the cryptocurrency market as a whole. “Today we’ve seen just one day of Ethereum outperformance. This is too little to make proper conclusions, but I’ll keep it in mind.”