In an aberration to normal market conditions in cryptocurrencies, the last few weeks saw Ethereum dominating Bitcoin in market share. Thanks to the hype around Ethereum Merge, Bitcoin’s (BTC) share of crypto market value dropped recently. With the Merge just around the corner, Bitcoin maximalists would hope for a quick turnaround as the Ethereum upgrade would pass through. Meanwhile, it remains to be seen as to how Ethereum (ETH) price would react post the upgrade.
Bitcoin Price Recovery After Merge?
In this context, technical indicators appear to show increased trading activity in Bitcoin in past few days. For as long as two months, Ethereum trading overshadowed BTC in terms of the market share. Meanwhile, any hurdles or issues in the Ethereum Merge would push Bitcoin back to the top gear. Blockchain experts warned that there could be small issues although chances are it would be a successful upgrade.
According to Crypto Quant analysis, Bitcoin’s share of trading volume had recently regained top position when compared with that of Ethereum. There are also some early signs which are suggesting a shift on which cryptocurrency is leading, it said. After the Ethereum upgrade is done around September 15, the narrative will mostly likely fade out. This makes it logical to predict a shift in behavior, it added.
Crossover In Market Dominance
A chart on dominance by percentage volume shows that around September 11, Bitcoin had a crossover in trading volume dominance. This means there could be a change in Bitcoin dominance pattern after The Ethereum Merge.
“There was a cross-over, which means that Bitcoin started to be more dominant on exchanges in terms of trading volume. This is a clear sign that Bitcoin is taking over the Driver seat from Ethereum.”
Meanwhile, the ETH price is fluctuating around the $1,700 area. As of writing, ETH price stands at $1,726, down 1.43% in the last 24 hours, according to price tracking platform CoinMarketCap. On the other side, Bitcoin has been on an upward curve in the last one week. Over the last one week, BTC is up 13.37%. As of writing, BTC price stands at $22,412, up 4.04% in the last 24 hours.
Also Read: These Two Major Events Can Stir Huge Volatility in Crypto Market This Week
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/what-about-bitcoin-performance-after-ethereum-merge/