Bitcoin and Ethereum, two of the most popular cryptocurrencies, experienced significant price movements in the past few days.
Despite the FUD surrounding Binance, Bitcoin bounced back and hit almost $29,000 after a brief dip below $27,300. Meanwhile, Ethereum has reached an eight-month high of above $1,900 in anticipation of the long-anticipated Shanghai upgrade.
Bitcoin experienced significant volatility last week, but it calmed down over the weekend and traded within a tight range of $28,400 and $28,600. However, early Monday brought a change in the landscape as Interpol issued a Red Notice on Binance’s CEO, leading to a drop in BTC’s price below $27,300.
Nevertheless, BTC quickly regained its value as Binance’s CEO denied the rumors, and the news was deemed fake. The cryptocurrency went back on the offensive, climbing to almost $29,000, although it failed to challenge this level and instead settled at over $28,500.
Ethereum, on the other hand, has surged by almost 6% in the past 24 hours, breaking the $1,900 mark for the first time since mid-August 2022. Ethereum’s price increase may be attributed to the upcoming Shanghai upgrade. Additionally, several Ethereum liquid staking tokens, such as LDO, have experienced significant gains in the past day.
XRP, Ripple’s digital asset, experienced a daily increase of 5.3% and reclaimed $0.5. Avalanche and Uniswap are also among the top 20 altcoins that experienced significant gains of over 6%. Other cryptocurrencies like BNB, ADA, MATIC, SOL, and LTC also have minor gains on a daily scale.
The total crypto market cap has added around $30 billion in a day and is now above $1.2 trillion on CMC. Despite the recent FUD surrounding Binance, it appears that Bitcoin has rebounded and is on track to make gains once again.
