Ethereum Surpasses $2,000 Following Shanghai Upgrade, Outperforms Bitcoin

Key Points:

• Dogecoin saw a 5.9% increase after Twitter’s announcement of a partnership with eToro for cryptocurrency trading.
• Ethereum surpassed $2,000 following its Shanghai upgrade, with a rise of over 6%.
• The total crypto market cap has exceeded $1.3 trillion, according to CoinGecko, indicating significant interest in cryptocurrencies.

Dogecoin surged 5.9% after Twitter’s partnership with eToro, while Ethereum surpassed $2,000 following its Shanghai upgrade. The cryptocurrency market cap exceeds $1.3T.

Dogecoin has been in the news again as it experienced a 5.9% increase on Thursday. The surge followed the announcement of Twitter’s partnership with eToro to offer cryptocurrency trading, which boosted investor confidence in the meme coin.

Twitter CEO Elon Musk has previously expressed his admiration for Dogecoin, even dedicating a segment to it during his appearance on Saturday Night Live earlier this year. The brief replacement of Twitter’s logo with the Dogecoin logo last week also contributed to the rally, which reached up to a 37% increase for some traders, before the recent slump.

Before the recent rise, Dogecoin had experienced a 22.64% slump as the hype surrounding Twitter’s logo change subsided. However, the recent surge has brought it back into the limelight, and it is currently trading at $0.087. It is worth noting that eToro does not currently offer Dogecoin, and only Bitcoin, Ether, BNB, and IOTA will be initially available on Twitter.

Meanwhile, Ethereum, the second-largest cryptocurrency, rose over 6%, surpassing $2,000, following its Shanghai upgrade, which went live on Wednesday evening.

Ether’s rise was due to a higher number of deposits into the Ethereum network compared to withdrawals, disappointing bears who were expecting a mass outflow of coins following the upgrade. The native token of Ethereum’s blockchain outperformed market leader Bitcoin, having lagged behind in the lead up to the upgrade.

According to CoinGecko, the total crypto market cap has now surpassed $1.3 trillion, indicating the growing interest in cryptocurrencies. As the crypto market continues to evolve, investors and traders will be keeping a close eye on the performance of Dogecoin and Ethereum, and how they could potentially affect the wider market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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