Ethereum Shanghai Upgrade Completed

Based on TradingView data, the percentage of the total cryptocurrency market capitalization held by Ether (ETH) rose to a one-month high. This was due to the successful deployment of the Shanghai upgrade on Wednesday, which caused ETH to rally above $2,000 and drop Bitcoin's (BTC) dominance from an almost two-year record high. BTC's dominance rate hit 49.06% early on Wednesday, but then fell to 48.12% as ETH's price increased. The last time this metric was at the 49% level was in July 2021, about 21 months ago, as reported by TradingView.

On the other hand, ETH dominance surged to 19.87% on Thursday, marking a one-month high. The BTC dominance rate is crucial in assessing BTC's relative strength compared to the broader crypto market and identifying periods when altcoins outperform, also known as an altcoin season. Ether dominance similarly reflects the second-largest cryptocurrency's relative value to the crypto market.

Ether's recent performance has reduced Bitcoin's share of the crypto market. This shift followed the successful deployment of the Ethereum network's long-awaited tech upgrade, called Shanghai or Shapella, without any issues. The upgrade allowed more than 17.4 million staked tokens worth around $35 billion to be withdrawn from Ethereum's proof-of-stake blockchain for the first time since its launch in December 2020. The upgrade's smooth deployment eliminated a slight but concerning risk that ETH investors might not be able to reclaim their tokens locked up in staking contracts. ETH reached $2,023 on Thursday, up 5% in the past 24 hours, according to CoinDesk data, leading the upswing of the broader crypto prices.

BTC also reacted positively to the upgrade but was only up 1.5% through the day, lagging behind altcoins.

For more details take a look at ShrayTV analysis of Crypto Markets

https://youtube.com/live/cb-OuU_5Rig