Ethereum Soars, Bitcoin Tops $30K: This Week’s Market Recap
• The crypto market has been thriving this week as Bitcoin soars past $30K and Ethereum leads the most recent rally following the much-anticipated Shapella upgrade.
• The total cryptocurrency market capitalization soared above $1.3 trillion on the back of major increases from many coins.
• The Consumer Price Index (CPI) came in at 5% for March, indicating that inflation continues to slow down – for the sixth month in a row.
Crypto Market Thriving
The crypto market is thriving this week with Ethereum leading the most recent rally following the much-anticipated Shapella upgrade, while Bitcoin soaring past $30K. This saw the total cryptocurrency market capitalization soar above $1.3 trillion on the back of major increases from many coins and improved sentiment across the board.
Bitcoin Tops $30K
Before its release, things took a somewhat unexpected turn and Bitcoin’s price managed to top the coveted $30K level – a point we haven’t seen in 10 months. The Consumer Price Index (CPI) came in at 5% for March, signaling that inflation continues to slow down – for six months in a row – giving investors confidence and keeping the market strong.
On April 12th, Ethereum went through its landmark network update – known as Shapella or Shanghai upgrade – which enables validators to unstake ETH they’ve been locking up to secure the network for years. Many predicted this would result in flooding of ETH supply into the market, however it appears that Ethereum was able to pull off an impressive rally post-upgrade instead.
Aside from Bitcoin and Ethereum, altcoins have also seen significant gains during this period, thanks to increased institutional interest coupled with positive news flow from industry leaders such as PayPal announcing direct purchases of cryptocurrencies and Visa launching digital asset-based payments services globally. This has contributed towards overall confidence across all markets pushing prices higher and driving more volume into them over time.
Overall, bullish sentiment remains high among investors despite some short-term volatility due mainly to profit taking after reaching certain levels of resistance or support levels within certain ranges on different exchanges worldwide. As long as these support levels hold true going forward then there’s no reason why we shouldn’t expect even more growth for both Bitcoin and other cryptocurrencies over coming weeks/months/years ahead!