Daily Crypto Market Update – Shanghai Upgrade Pushes ETH to $2K
The crypto market has seen $30 billion in net inflows over the past 24 hours, pushing the total market capitalization to $1.26 trillion. Bitcoin’s market valuation grew by 0.86% to $584.88 billion, and Ethereum’s rose by 6.37% to $239.77 billion at press time.
All the biggest ten cryptocurrencies surged in value over the past day, with Ethereum and Dogecoin leading the way with gains of over 6%. Cardano, Polkadot, and Polygon all increased by 3%.
Meanwhile, the market valuation of Tether’s USDT skyrocketed to $80.66 billion from the $80.52 billion recorded on Wednesday. USDC’s market cap dropped to $32.1 billion, while that of Binance-branded stablecoin BUSD fell to $6.78 billion.
Bitcoin
BTC’s market dominance has dropped from 47.6% to 46.8% over the last 24 hours despite its price rising by 1.76%. The biggest crypto by market cap is now priced at $30,469. Before the current price, it had hit a daily low of $29,844.
Further, on-chain data indicates that BTC whales have started accumulating the crypto asset again, like in January.
Ethereum
ETH jumped 6.32% to trade at $2,005 as of this writing. Its market share also increased from 18.4% to 19.2%. The surge comes a day after the second-largest blockchain completed its most-awaited Shanghai upgrade, allowing stakers to unstake their funds. As of Thursday evening, over 84,500 staked ETH had been withdrawn.
Top Five Gainers
FTX Token: FTT takes the top gainer spot after increasing by 69% to trade at $2.23. The rally follows FTX lawyers’ suggestion that the now-bankrupt crypto exchange could resume operations. Its market cap rose to $734.56 million.
Radix: XRD has continued its exceptional rally to become one of the top gainers for two consecutive days. The token grew by 33.9% and now trades at $0.072. Its market cap stands at $731.43 million.
Merit Circle: MC is up 16.26% to $0.34 at press time. The ERC-20 token has posted 30-day gains of 11.3%. Its market valuation is $128.46 million.
Space ID: ID surged 15.39% to $0.51 in the past day. There has been an increased interest in this digital identity platform since the world’s largest crypto exchange Binance announced plans to list the token. Its market cap grew to $148.7 million.
Woo Network: WOO rose 13.2% to $0.25 over the last 24 hours. The token is up 17.5% over the last 30 days and has a market valuation of $421.91 million.
Top Five Losers
TEMDAO: TEM was Wednesday’s biggest gainer but has since shed its value to become the top loser of the day. The token has dropped by 17.67% to $0.029. Its market cap stands at $799.27 million.
MARBLEX: MBX is trading at $2.37 after posting losses of 7.79%. Despite the losses, the coin is up 23.7% over the past month. Its market cap stands at $122.27 million.
MiL.k: MLK has been declining for two consecutive days. The token had posted gains of 14.5% on Tuesday before embarking on the current downtrend. It is trading at $0.43 after falling by 5.78%. Its market valuation is $119.63 million.
Stacks: Similar to MLK, STX has been in free fall since yesterday. Its 30-day losses now stand at 15.4% after dropping by 5.2% over the past day. The token trades at $0.88, with a market capitalization of $1.22 billion.
ApeCoin: APE joins the top losers after shedding 4.97% of its value to trade at $4.47. Its market valuation also fell to $1.66 billion.
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