Ethereum Surges to 8-Month High

Bitcoin and Ethereum, two of the largest cryptocurrencies by market capitalization, saw significant price movements in the past 24 hours.

While bitcoin initially experienced a slump after news of Interpol issuing a Red Notice on Binance’s CEO, it has since regained its value and even soared to almost $29,000. The recent FUD (Fear, Uncertainty, and Doubt) surrounding Binance has had a temporary impact on Bitcoin but it was quick to recover.

On the other hand, Ethereum has seen substantial gains in the past 24 hours, rising to an eight-month high above $1,900 ahead of the long-anticipated Shanghai upgrade. This price increase can be attributed to the anticipation surrounding the upcoming upgrade, which is expected to bring significant improvements to the Ethereum network.

Other notable gainers from the top 20 altcoins include Ripple, Avalanche, and Uniswap, which have all surged by over 6% in the past day. Meanwhile, BNB, ADA, MATIC, SOL, and LTC have also experienced minor gains on a daily scale.

The total crypto market cap has added around $30 billion in a day and is now above $1.2 trillion on CMC. Despite the recent FUD around Binance, bitcoin, and other cryptocurrencies have proven to be resilient, with bullish on-chain signs and positive market sentiment.

As the crypto market continues to evolve, investors and traders will need to keep a close eye on these developments to make informed decisions.