The Ethereum network is set to undergo a major upgrade in Shanghai. However, many of the altcoins in the crypto space are expected to surge significantly.
As investors shift their focus away from the Shanghai-influenced Ethereum crash, they should pay close attention to a potential rally in LSDs (Leveraged Synthetic Derivatives).
Certain altcoins, such as LDO, RPL, FRX, ANKR, YFI, and others could potentially benefit from a successful testnet upgrade and experience significant gains in the market.
Leading to an exciting opportunity for investors looking to take advantage of the volatile highs and lows of the cryptocurrency market. As Ethereum’s performance increases, so will the value of these altcoins. Thus triggering investors to seek out new opportunities and become increasingly bullish on digital currencies.
In addition, with this upgrade comes renewed confidence in the Ethereum platform. Causing an increased adoption of altcoins that are based on Ethereum’s blockchain technology. This could be a major boon for many of these altcoins, driving their prices up even further.
Bitcoin leading in the cryptocurrency market
The cryptocurrency market had been teeming with activity and excitement up until mid-February. Bitcoin’s price skyrocketed to an impressive $25,250. This marked the peak of the much-anticipated altcoin season, where investors flocked to alternative coins in anticipation of potential profits.
However, Bitcoin was unable to break through the key resistance it faced at that level. Thus leaving its price motionless and directionless. The situation caused a ripple effect throughout the industry, leading to many altcoins taking a hit.
