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BTC and ETH have risen about 8% and 12%, respectively over the past seven days. While BTC has driven the market this year so far, the Shapella upgrade has boosted ETH trading, according to an analyst.
The rebalancing comes as ether rallies off a successful Shapella upgrade.
We are seeing a sell the rumor buy the fact redux, one observer said, explaining ether’s post-Shanghai upgrade rally.
Ether has underperformed bitcoin in the lead up to the Shapella upgrade, resulting in a 13.7% year-to-date decline in the ETH/BTC ratio.
Two major Ethereum network upgrades that are expected to occur simultaneously on April 12 will allow investors to withdraw their ether staked on the Ethereum blockchain.
Bitcoin’s dominance rate, or share of the total crypto market, has risen to its highest in almost two years while ether’s stagnates.
The latest price moves in bitcoin (BTC) and crypto markets in context for April 10, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
BTC Edges Up. ALSO: CoinDesk Chief Content Officer ties the recent political and regulatory backlash toward the crypto industry to the alleged misdeeds of disgraced FTX CEO Sam Bankman-Fried. Will the current climate drive digital asset innovation and leadership away from the U.S.?
Hayes wants Maelstrom Capital to outperform bitcoin and ether, which won’t be easy.
ETH’s price slid 1.7% on Thursday, the day after reaching its nine-month high. The Ethereum upgrade is scheduled to occur April 12.