Ethereum seems to be on for a good market day gaining 5% within a 24-hour period ahead of its looming Shangai Upgrade as Altcoins also rally.
Today’s market session seems to be a good one with Ethereum leading the top gainers’ list. Trading at $1910 as of press time, the asset had recorded a 5% increase in valuation within a 24-hour period. The assets trading volume has also risen by 20% showing the amount of increased activity on the network.
ETH 24-hour charts | Source: CoinMarketCap
The surge in Ethereum can be attributed to the looming Shangai Upgrade expected to happen on the Ethereum network.
Ethereum, which is getting set to launch a significant upgrade to its network, is generally considered the leading platform for decentralized financial ecosystems and smart contracts, and it is in the process of preparing for this update. When the Ethereum Shanghai upgrade is deployed to production on April 12, the cryptocurrency ecosystem will have arrived at a crucial new landmark in its development.
After installing this update, speakers will be able to withdraw ethers from the PoS beacon chain. According to the data compiled by TradingView’s market, investors who have an optimistic outlook on Ethereum have experienced a phenomenal gain of fifty percent so far this year. This is the outcome of the news that was just released.
Altcoins are on for a good market day
Ripple as well seems to be on for a good market day having registered an increase of 5% in valuation within the same period. Trading at $0.52 as of the time of writing had also recorded a 5% increase in market cap.
XRP 24-hour chart | Source: CoinMarketCap
Polygon as well as recorded a good market day having recorded a 4% increase within the same period. Solana as well increasing by over 2% in valuation within the same period.