Ethereum Skyrocketed 11% With Another Shadow Fork Went Live

Ethereum skyrocketed 11% with another shadow fork going live and the market turned green once again with BTC surging above $20K so let’s read more today in our latest Ethereum news.

After the recent volatility, bitcoin went on a run-up and surged above $20,000 so the altcoins also turned green after being led by Ethereum’s massive double-digit surge. After the middle of last week, the primary cryptocurrency jumped to a new high of $22,500 and the landscape turned grim. In only a few days, the asset fell below the $20,000 line but now Ethereum skyrocketed 11% after the shadow fork went live.

Once the US outlined the record-setting CPI numbers, BTC experienced volatility again and dropped below $19,000 but this was short-lived as the balls returned almost immediately. BTC jumped to $20,000 and failed to reclaim it decisively, it did so in the past 12 hours and added another $1000 so now it ists close to $21,000 and the market cap is now near to $400 billion but the dominance over the altcoins was reduced to 42.5%.  The new data showed that BTC’s correlation with the US Stock market declined dramatically to a new yearly low and BitMEX co-founder Arthur Hayes thinks that the US will soon start printing money which is often bullish for Bitcoin.

JP analysts said the BTC production cost dropped 50% in June which can be a bearish sign for the asset. The rest of the coins turned green as well with ETH leading the way and the second biggest crypto is up by 11% on a daily scale. Similar gains came from MATIC and Solana from the larger cap altcoins with both jumping by 12% and SOL sitting near $40 while MATIC nearing $0.7. DOGE, XRP, DOT, SHIB, and avalanche are in the green as well while BNB and ADA charted smaller gains.

With most of the lower cap altcoins performing well, the cumulative market cap added another $50 billion in one day and sits above $900 billion. COTI will undergo a hard fork and OpenSea joined larger industry companies in laying off a chunk of its employees.

As earlier reported, The highly anticiapted upgrade will transition ETH from the PoW blockchain network to PoS network and the upgrade is expected to improve the network’s scalability but also reduce the carbon footprint. Alongside the trial of the latest est fork, the activity of the ETH-based apps is also increasing.