Ethereum Shots Up to 8-Month High, Ripple Gains 5% Daily (Market Watch)

The recent FUD around Binance harmed bitcoin only temporarily, as the asset went back on the offensive and soared to almost $29,000.

Ethereum is also on a roll ahead of the long-anticipated Shanghai upgrade, and the native token charted an eight-month high above $1,900.

BTC Eyed $29K

Following last week’s volatility, bitcoin had finally calmed during the weekend and primarily stood in a tight range between $28,400 and $28,600. The landscape started to change early Monday, especially after news broke that Interpol had issued a Red Notice on Binance’s CEO. In a matter of hours, BTC slumped to under $27,300.

However, as CZ denied the rumors and it turned out to be fake news, bitcoin started reclaiming value and returned to $28,000 almost immediately. The past 24 hours brought another leg up for the cryptocurrency that drove it t $28,800.

Although it failed to continue upwards and challenge $29,000, bitcoin is still 2% up on the day amid bullish on-chain signs and sits north of $28,500. Its market capitalization has finally reclaimed the $550 billion mark, but its dominance over the alts has shrunk to under 46%.

ETH, XRP Up 5%

Perhaps the anticipation for the upcoming Shanghai update is the key reason behind ETH’s substantial price increase in the past 24 hours. The second-largest digital asset is up by almost 6% and sits above $1,900 for the first time since mid-August 2022. Additionally, several Ethereum liquid staking tokens, such as LDO, have soared in the past day.

Ripple’s daily increase is similar to that of ETH. XRP has reclaimed $0.5 after a 5.3% surge. Avalanche and Uniswap are the other notable gainers from the top 20 altcoins, having surged by over 6%.

BNB, ADA, MATIC, SOL, and LTC are also with minor gains on a daily scale. The total crypto market cap has added around $30 billion in a day and is above $1.2 trillion on CMC.