Bitcoin Dominates Crypto Market as Ethereum Upgrade Approaches.

Bitcoin's dominance rate in the crypto market has risen to 48.5%, the highest since July 2021, while Ethereum's dominance rate remains stagnant between 19% and 20%. This comes ahead of Ethereum's highly anticipated Shanghai upgrade, which is set to occur on Wednesday and has been hailed as long-term bullish for Ethereum's native token. However, investor caution in pricing ether ahead of Shanghai stems from concerns about tokens flooding the market and regulatory issues. Meanwhile, recent banking sector instability in the US has benefited bitcoin, which has evolved as a macro asset and has a history of drawing haven bids during banking crises.