First Mover Americas: Bitcoin ( $76,267.00 ) Soars Past $30K

Ether (ETH) continues to outperform Bitcoin ( $76,267.00 ) (BTC) following the Ethereum ( $2,260.22 ) network’s Shanghai upgrade, which has proven to be bullish for much of the cryptocurrency market, with many altcoins following suit. Ether is up 6% on the day vs. Bitcoin ( $76,267.00 ) which gained 1%. Bitcoin ( $76,267.00 ) did briefly cross $31,000 on Friday for the first time since June 2022, marking a 10% gain over the last 7 days. Ether rose 13% over the same time frame. Arbitrum (ARB) an Ethereum ( $2,260.22 ) scaling solution, led gains this week, rising almost 30%. According to Sheraz Ahmed, STORM’s managing partner, ARB is bouncing back from the overselling caused by its airdrop in March, which saw the Ethereum ( $2,260.22 ) layer 2 distribute its long-awaited governance token to community members. The airdrop, however, was plagued with bugs and phishing scams. “The crypto markets are heavily emotionally driven, and we often see overbought/sold tokens based on over-reactions,” said Ahmed.