Crypto market drops ahead of Ethereum update, Solana continues to rise

The crypto market is correcting after the significant increase on Easter Monday. Financial markets appear to be turning cautious ahead of the US consumer price index (CPI), which is due to be released later today. In addition, a long-awaited Ethereum update, also scheduled for today, is making the crypto market even more hesitant. Total market capitalization is down 1.5% to $1.27 trillion.

Bitcoin battling $30,000

Bitcoin (BTC) took the lead on Easter Monday and remains one of the strongest today. Despite this, bitcoin is currently just below $30,000 and is therefore down 0.5% today. It is expected that it can still be quite volatile today for the price.

Ethereum gets major update today

Ethereum (ETH) is already falling a bit faster and that probably has to do with the so-called “Shappella” update, which should take place shortly after midnight.

This update finally allows strikers to withdraw their ETH. There are therefore concerns that this could lead to a large ETH dump, but opinions are very divided on that. ETH, meanwhile, is down 2.4% to $1,870.

Crypto top 10 turns red

Still, the rest of the top 10 is falling faster. Ripple (XRP) is falling back towards $0.5 and is down 2.8%. Cardano (ADA) is also down 2.8%, falling to $0.39 and currently recovering to $0.396.

Polygon (MATIC) is already down 3.1% to $1.09. Binance coin (BNB) comes in at $318.7 and is even down 3.3%. Dogecoin (DOGE), however, is the biggest loser from the top 10, dropping 3.5% to $0.082.

Solana continues to rise

Solana (SOL) manages to isolate itself again and is today the largest coin that turns green. SOL found support around $22.5 as the rest fell and then started to rise again. SOL briefly touched $24, but is currently dropping to $23.5. This means that solana is still almost 5% up today.

ETH DeFi projects among top 100 hardest fallers

However, the top 100 is filled with red prices. At the top we mainly find DeFi platforms on Ethereum that use staking. It is a clear sign of the uncertainty surrounding the upcoming update.

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Arbitrum (ARB), gmx (GMX), bitget token (BGB), frax share, singularitynet (AGIX) and optimism (OP) are down about 5%. Chiliz (CHZ) and kaspa (KAS) are down nearly 6%. Conflux (CFX) is down nearly 9%. The day’s biggest losers are rocket pool (RPL) and lido (LDO), both losing 9.4% of their value.

SOL, ETC, RDX, INJ some rates up

Still, we have some other exceptions in the top 100 besides solana. Ethereum classic (ETC) is up 1%, radix (RDX) is up 4% and injective (INJ) is up 4.5% to $6.63 .

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