The cryptocurrency market has witnessed a notable shift following the successful implementation of the Shanghai upgrade on the Ethereum network.
Ether (ETH), the native token of the Ethereum blockchain, surged to an 12-month high, exceeding $2,000 for the first time in 2023. This impressive performance has resulted in a decrease in Bitcoin's market dominance and a boost to Ethereum's market share.
The Shanghai upgrade, which took place on April 12, allowed for the un-staking of ETH locked on the Beacon Chain, Ethereum's Proof-of-Stake (PoS) blockchain.
Contrary to some expectations that the update would lead to a decline in Ethereum's price, the cryptocurrency instead recorded significant gains.
At the time of writing this article, ETH has increased by 7.4% over the past 24 hours, touching an twelve-month high of $2,121.
According to data from the crypto analysis site btctools.io, Ethereum's market share has climbed to 19.8%, reflecting an increase of over 1.1% in just 24 hours.
Since the beginning of the year, ETH's dominance has grown by 7.6%. This rise comes at the expense of Bitcoin, whose market dominance has slipped by just under 1%, now standing at 47.7%.
Bitcoin's market share peaked at 48.8% on April 12 following its rally to $30,000, the highest level since July 2021.
Despite the decline in Bitcoin's dominance, the cryptocurrency has seen a 13.6% increase in market share since the beginning of the year, according to TradingView data.
Bitcoin's price has also experienced a 2% gain in the past 24 hours, reaching an intraday high of $30,938.
The combined market share of Bitcoin and Ethereum now accounts for approximately 68% of the total crypto market. With roughly 10% of the market held by stablecoins, the remaining 10,800 tokens, as listed on CoinGecko, have a combined market share of just 22%.
The total cryptocurrency market capitalization has reached an eleven-month high of $1.33 trillion. This figure is calculated by comparing an asset's market capitalization to the total crypto market cap.
