Ethereum

Bitcoin

April

Beacon

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	The cryptocurrency market has witnessed a notable shift following the successful implementation of the Shanghai upgrade on the Ethereum network.
<a href="https://crypto.ro/en/cryptocurrencies/ethereum/">Ether (ETH)</a>, 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&#8217;s market dominance and a boost to Ethereum&#8217;s market share.
<figure id="attachment_20934" aria-describedby="caption-attachment-20934" style="width: 2382px" class="wp-caption alignnone"><img decoding="async" class="wp-image-20934 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/04/Screenshot-2023-04-14-at-13.14.40.png" alt="Screenshot 2023 04 14 at 13.14.40" width="2382" height="1336" srcset="https://crypto.ro/en/wp-content/uploads/2023/04/Screenshot-2023-04-14-at-13.14.40.png 2382w, https://crypto.ro/en/wp-content/uploads/2023/04/Screenshot-2023-04-14-at-13.14.40-300x168.png 300w, https://crypto.ro/en/wp-content/uploads/2023/04/Screenshot-2023-04-14-at-13.14.40-1024x574.png 1024w, https://crypto.ro/en/wp-content/uploads/2023/04/Screenshot-2023-04-14-at-13.14.40-768x431.png 768w, https://crypto.ro/en/wp-content/uploads/2023/04/Screenshot-2023-04-14-at-13.14.40-1536x862.png 1536w, https://crypto.ro/en/wp-content/uploads/2023/04/Screenshot-2023-04-14-at-13.14.40-2048x1149.png 2048w, https://crypto.ro/en/wp-content/uploads/2023/04/Screenshot-2023-04-14-at-13.14.40-750x421.png 750w, https://crypto.ro/en/wp-content/uploads/2023/04/Screenshot-2023-04-14-at-13.14.40-1140x639.png 1140w" sizes="(max-width: 2382px) 100vw, 2382px" title="Bitcoin&#039;s market dominance slips as Ethereum hits 12-month high post Shanghai upgrade 1"><figcaption id="caption-attachment-20934" class="wp-caption-text">BTC and ETH Dominance Chart | btctools.io</figcaption></figure>
<a href="https://crypto.ro/en/news/everything-you-need-to-know-about-the-ethereum-shapella-hard-fork/">The Shanghai upgrade</a>, which took place on April 12, allowed for the un-staking of ETH locked on the <a href="https://crypto.ro/en/dictionary/beacon-chain/">Beacon Chain</a>, Ethereum&#8217;s Proof-of-Stake (PoS) blockchain.
Contrary to some expectations that the update would lead to a decline in Ethereum&#8217;s price, the cryptocurrency instead recorded significant gains.
<figure id="attachment_20930" aria-describedby="caption-attachment-20930" style="width: 2106px" class="wp-caption alignnone"><img decoding="async" class="wp-image-20930 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-dominance-chart.png" alt="Bitcoin dominance chart" width="2106" height="1460" srcset="https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-dominance-chart.png 2106w, https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-dominance-chart-300x208.png 300w, https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-dominance-chart-1024x710.png 1024w, https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-dominance-chart-768x532.png 768w, https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-dominance-chart-1536x1065.png 1536w, https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-dominance-chart-2048x1420.png 2048w, https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-dominance-chart-750x520.png 750w, https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-dominance-chart-1140x790.png 1140w" sizes="(max-width: 2106px) 100vw, 2106px" title="Bitcoin&#039;s market dominance slips as Ethereum hits 12-month high post Shanghai upgrade 2"><figcaption id="caption-attachment-20930" class="wp-caption-text">Bitcoin’s dominance since late 2022 | TradingView</figcaption></figure>
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 <a href="https://btctools.io" rel="nofollow noopener" target="_blank">btctools.io</a>, Ethereum&#8217;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&#8217;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&#8217;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&#8217;s dominance, the cryptocurrency has seen a 13.6% increase in market share since the beginning of the year, according to <a href="https://www.tradingview.com/chart/2yxD5vWJ/?symbol=CRYPTOCAP%3ABTC.D" rel="nofollow noopener" target="_blank">TradingView</a> data.
<a href="https://crypto.ro/en/cryptocurrencies/bitcoin/">Bitcoin</a>&#8216;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&#8217;s market capitalization to the total crypto market cap.

Bitcoin’s market dominance slips as Ethereum hits 12-month high post Shanghai upgrade

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