The crypto market and Bitcoin is on a sideways move over the past week. It seems the risk appetite is on a surge with all the bearish price trends. Market participants are making shifts to invest in altcoins, reason being the bearish Bitcoin trends.
The Bitcoin trades at $21,600 at the time of writing with a profit ratio of 2.1% in a 24 hours window. Also, the Bitcoin price trends are up 11% in the past seven days. Bitcoin Dominance (BTC.D) is trending downwards as the altcoins hit yearly lows. There was a subtle jump in BTC trends back on August 14th, 2o22 hitting $25,000.
Bitcoin Dominance is an instrument used to measure the crypto market’s total market cap comprised of BTC specifically.
The Bitcoin Dominator Dragging Downwards
The Bitcoin market took a drastic hit in July 2022 slumping down to $21,000 and moving sideways in August just to resume the bearish momentum. The participants are slightly shifting to other competitors: Ethereum and Altcoins which may be a reason BTC transactions are at loss.
BTC is lagging in various areas while Ethereum is performing slightly higher. Ethereum, which holds the second position by market cap, is still tumbling in a critical area. Ethereum recorded 5% profit in the last 24 hours. The protocol upgrade ‘Merge’ seems to do complete justice to Ethereum giving it a required bullish push.
Time to ‘MERGE’ The Market to Ethereum
The Merge protocol upgrade will shift the consensus from Proof-of-Work to Proof-of-Stake. Reports say that Ethereum is showing a high correlation with the world’s largest financial indexes: NASDAQ 100 and S&P 500. Analysts say Bitcoin will keep a lag on Ethereum price trends until the Merge comes into picture.
Undoubtedly, Bitcoin and the crypto market are badly hit from the deadly CryptoWinters. The market is showing bearish trends for a couple of weeks now. And, with BTC lagging behind Ethereum seems to lead the market in coming months with the protocol upgrade – MEGRE.
Source: https://www.thecoinrepublic.com/2022/08/25/bitcoin-hits-21k-crypto-market-may-drag-the-risk-appetite/