Ethereum takes the spotlight as Bitcoin dominance drops to 4-year low
The upcoming Merger Ethereum (ETH) to absorb Bitcoin (BTC) dominance as the top-ranked cryptocurrency by market capitalization. The September event is seen as bullish for Ethereum, stimulating capital inflows into the asset. In this regard, since September 6, Bitcoin dominance in the crypto market has dropped to a four-year low, dropping at one point to 38.2%, with a market cap of 381 $0.2 billion, while Ethereum's market share is 20.3%. market capitalization $202.8 billion
Cryptocurrency trading analyst Ali Martinez noted:
“Bitcoin dominance has dropped below 39% for the first time in four years. #Ethereum seems to be in the spotlight with the upcoming Merge update and Cardano is also gaining momentum with the Vasil hard fork.
Ethereum is growing as merger approaches
Ethereum's growing dominance comes after the platform's creator, Vitalik Buterin, confirmed that the merger is likely to take place between September 13 and 15. The update will move forward. blockchain to Proof-of-Stake (PoS) protocol. Overall, crypto analysts are torn between the long-term impact of the merger on Ethereum's market dominance and the rising price. However, everyone agrees that the rally will depend on the initial success of the merger. This is where the price of Bitcoin continues to drop below $20,000, despite competing assets like Ethereum hitting records. Currently, the top cryptocurrency is priced at $19,800. As such, crypto trading expert Mikael van de Poppe has pointed out that the market is trying to grow by relying on assets like Ethereum, but bitcoin is an obstacle.
“The market wants to start going up, but Bitcoin is blocking it. A lot of strength on $ETH on the run, but other altcoins are also slowly waking up. Long SEO is probably still better than short,” Poppe wrote in a September 6 tweet. It should be noted that historically, bitcoin's price action has inspired the rest of the market to evolve.
A cryptocurrency in which development activities block profits
At the same time, the ever-evolving cryptocurrency projects are creating momentum for investors. For example, the boss of Vasil's Cardano (ADA) hard fork has seen its market cap spike, lifting XRP up in the rankings.
As Finbold reported on September 5, ADA increased its market capitalization to more than $2.1 billion in a week after the fund confirmed its growth.