• Bitcoin (BTC) briefly reached levels last seen in June 2022, while Ethereum (ETH) price reached an 8-month high.
• The rally buoyed the entire cryptocurrency market with a global crypto market cap increasing by 4%.
• Ahead of the Shanghai upgrade scheduled for April 12, 18 million staked ETH worth around $34 billion will be unlocked.
Crypto Market Records Major Gains
The crypto market recorded major gains as Bitcoin briefly reached levels last seen in June 2022 while ETH price reached an 8-month high. Bitcoin (BTC) soared past the $30,000 mark on April 11 — reaching its highest point since June 2022. At the time of writing, BTC was trading at $30,073 while its market cap reached $581.7 billion, according to CryptoSlate data. Bitcoin is up 6% over the past 24 hours and 7.41% over the past week.
Entire Crypto Market Impacted
Bitcoin’s rally buoyed the entire cryptocurrency market — the global crypto market cap is up more than 4% to $1.24 trillion over the past 24 hours. The total crypto market trading volume reached $47.26 billion. Ethereum (ETH), the second-largest cryptocurrency, bagged 3.1% gains over the past day to trade at $1,917 at the time of publishing. The market cap of ETH stood at $230.9 billion. Ethereum last neared the $2,000 mark in August 2022.. With the gains of the past day, Bitcoin and Ethereum are up over 81% and 60% year-to-date, respectively..
Upcoming Shanghai Upgrade
The gains came ahead of the Shanghai upgrade scheduled for April 12 — when 18 million staked ETH worth around $34 billion will be unlocked .The unlocking is expected to create selling pressure on ETH and negatively impact the price of ETH .
Other Cryptos Record Gains
Solana (SOL) recorded