Altcoins Lag Despite Bitcoin Rally and Shanghai Upgrade

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The latest Bitcoin (BTC) price surge has led to Bitcoin investors rejoicing everywhere. This leads to altcoin holders waiting in high anticipation for altcoin surges. Redditors debate what is keeping altcoin prices from surging.

On the CryptoCurrency Reddit thread, one Redditor posted asking why altcoin prices haven’t surged despite Bitcoin’s sudden price spike. It goes on to highlight how in the past, the price of altcoins has always gone up to mirror that of the price of Bitcoin (BTC). 

The event that triggered the surge in Bitcoin (BTC) price is likely correlated to the fall of the second biggest traditional bank in the USA. Soon after Silicon Valley Bank collapsed, the price of Bitcoin (BTC) surged by 33%. 

This time, however, the prices of altcoins did not follow the path of Bitcoin. In response to the post, many Redditors responded by saying altcoin pumps usually come after the new price of Bitcoin (BTC) comes to a halt. Since the current price of Bitcoin (BTC) is lower than the high it set yesterday, this is likely why we did not see a big altcoin surge. 

Another reason behind the slow altcoin surge could possibly be due to the long-awaited Ethereum Shanghai update. Ethereum 2.0 began its upgrade sometime last year and is still working on implementing its many stages to fulfil its completion. 

At the moment, the Ethereum team has launched the Shanghai upgrade on its testnet. Once it gets the green light, it will go on to the mainnet launch phase. Once this move is complete, all Ether staked by Ethereum validators will finally be able to unstake their assets. 

The Ethereum Beacon Chain is currently holding $17.6 million ETH as staked Ether assets by validators. Perhaps once the Shanghai upgrade comes through, we will see a massive altcoin surge as well.

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A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.