Avalanche & Solana increase to 9%, Ethereum exceeds $2,100, and Bitcoin maintains $30,000
Even after a slight drop, Bitcoin held steady at $30,000, but Ethereum outperformed by advancing further and maintaining its $2,1000 level over the weekend. The top cryptocurrency tokens experienced mixed trading during Monday's early trading hours as Ethereum soared following the Shanghai upgrade while Bitcoin experienced some profit taking. Even BNB saw a big increase in trading. The US Federal Reserve raising interest rates, though, put the traders on edge. Even after the price of the biggest crypto asset saw a minor fall, Bitcoin kept holding the $30,000 mark. Ethereum, its main rival, outperformed as it climbed higher and held the $2,1000 level throughout the weekend. The mix of altcoins remained unchanged. After reaching a high of US$31,005 on Friday, which was its highest amount since June 2022, bitcoin remained stable at the $30,000 level. Investors responded by locking in their gains, "Ethereum, the second-largest cryptocurrency, hit a fresh high of $2,141 over the weekend, helped by investor optimism in the wake of the Shanghai upgrade's successful implementation. In comparison to its June 2022 lows, it has increased 134%. At the early Asian trading hours, all major crypto coins were trading in a mixed manner. Avalanche climbed 10% among the gainers, followed by Solana's 6% increase. BNB also increased by 5%. Shiba Inu lost more than 2%, followed by losses of around 1% for each of XRP, Cardano, and Polkadot among the losers. The market capitalization of all cryptocurrencies was trading flat at $1.27 trillion and had increased slightly over the previous day. The total trade volume did, however, increase by more than 20% to $40.70 billion. With increased regulation and inspection, a new US bill that would penalise stablecoin issuers who do not register with steep fines and prison terms might have an effect on the whole cryptocurrency sector. Following successful upgrades, Ethereum reached a one-year high of $2,123, with a rise in staking deposits pointing to a bright future. Despite short-term obstacles, favourable regulatory clarity and gradual interest rate increases may help ETH remain in circulation and limit price volatility.
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