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As the highly anticipated Shanghai upgrade, also known as the Shanghai-Capella hard fork, draws closer for Ethereum (ETH), investors in the crypto market are closely watching the developments. The anticipated upgrade is scheduled for Wednesday, and there are apprehensions that it might result in market instability due to the release of over $31 billion worth of ether (ETH) that has been staked in the blockchain since December 2020. This has raised fears of a potential sell-off in the market.
In contrast, Bitcoin (BTC) has been performing well ahead of the upgrade, outpacing other cryptocurrencies. According to statistics from TradingView, as of the start of Tuesday, the proportion of the overall market valuation of Bitcoin, which reflects its market dominance, has surged to 48.5%, the greatest it has been since July 2021. The metric has increased by 15% this year, indicating that Bitcoin is gaining dominance over other cryptocurrencies.
Meanwhile, the upcoming launch of the new Big Eyes Coin (BIG) is generating interest in the market. The coin is currently in its presale phase, which will end on June 3rd, ahead of its official launch.
The dominance rate of Ethereum (ETH) has remained unchanged, hovering between 19% and 20%. This is a significant departure from the weeks leading up to September's Merge upgrade when the dominance rate rose from 14% to 21% after the implementation of a proof-of-stake mechanism. The stage is now set for the upcoming Shanghai upgrade, which has left investors apprehensive about pricing Ether due to concerns about a possible flood of unlocked tokens in the market and regulatory uncertainties.
Nevertheless, experts have highlighted that after the upgrade, only partial withdrawals of 1.1 million ETH will be instantly accessible for withdrawal. These coins represent the staking rewards earned by users and are expected to take several days to process. Lucas Outumuro, Head of Research at IntoTheBlock, believes that the resulting selling pressure from these partial withdrawals is unlikely to have a significant impact on the market.
Overall, the lack of movement in Ethereum's dominance rate reflects the cautious stance of investors in the face of uncertain market conditions, as they await the outcome of the upcoming upgrade.
As Ethereum faces uncertainties with the upcoming upgrade, Bitcoin (BTC) is experiencing a surge in price not seen since mid-2022. At the time of writing, Bitcoin was hovering around $30,200, a level it had not reached since June 10, 2022. During the past 30 days, BTC attained gains of nearly 46%, achieving its highest level in ten months on April 11th.
Bitcoin's recent performance has been notable, as it broke above the key target of $30,000 which had been a goal for Bitcoin enthusiasts since the start of 2023. So far this year, BTC/USDT has risen over 80%, with a 4.6% surge in just one day.
In addition to Bitcoin's price rise, stocks associated with Bitcoin have also seen gains. On Monday, Coinbase, a top player in the cryptocurrency exchange industry, experienced a 7.6% surge, while Marathon Digital, a crypto mining firm, saw an increase of 14%. Additionally, Grayscale Bitcoin Trust (GBTC), the largest Bitcoin fund worldwide, with $18.3 billion in management, reduced its discount from 50% to 35% after the crypto winter.
Investors bullish on Bitcoin are currently aiming for the next milestone of $31,000, which is where the order book on Binance indicates the most significant concentration of selling pressure. The presence of buying support at $29,000 and $28,500 highlights a bullish market sentiment.
Big Eyes Coin (BIG), a nascent meme token, is swiftly nearing the completion of its presale stage and preparing to debut on Uniswap on June 3rd. Investors are wondering if BIG can compete in the highly competitive crypto market. The presale of Big Eyes Coin has been a massive success, raising over $33 million. This means that potential investors only have a limited time to participate before the official launch.
One unique feature that has garnered attention from the crypto community is Big Eyes Coin's commitment to donate 5% of its total supply to ocean-cleaning organizations. Numerous investors who are dedicated to environmental issues have found the charitable feature of Big Eyes Coin appealing and significant.
Besides the philanthropic aspect, investors are also offered a range of rewards during the presale period. Perks such as bonus codes and loot boxes are part of the package. By using the code BULLRUN250, investors can receive a significant 250% bonus on their purchases, providing a significant boost to their investment. At the same time, loot boxes provide prospective investors with an exhilarating experience as they offer randomized rewards that are ensured to be of equal or higher value than the purchase price of each box.
Overall, the interest and success of the presale campaign suggest that Big Eyes Coin has the potential to make a significant impact in the crypto market, provided it can stand out among its competitors. The philanthropic angle and attractive incentives offered during the presale are certain factors that set it apart from the rest.
With the Shanghai upgrade of Ethereum drawing near, investors are apprehensive about its possible repercussions on the market, especially for ether. Meanwhile, Bitcoin's dominance rate has been steadily rising, reflecting its increasing dominance over other cryptocurrencies.
The upcoming launch of Big Eyes Coin has generated significant interest in the crypto world, with its unique proposition and attractive incentives for investors.
While there are challenges and uncertainties, time will tell if Big Eyes Coin can compete in the highly competitive meme token space. Investors are closely monitoring its progress and eagerly awaiting its next steps.
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
