The aberration within the usual market conditions in crypto had Ethereum outshining Bitcoin in market share over the past few weeks. Bitcoin saw its crypto market share plunging recently amid the Ethereum Merge hype.
With the ETH transition around the corner, BTC maximalists would pray for a swift turnaround as the update passes. However, we are yet to see Ethereum’s performance after the Merge upgrade.
BTC Recovery Post Merge?
Meantime, technical indicators seem to highlight surged trading activity in the bellwether crypto over the last few days. Remember, Ethereum has outshined Bitcoin in market cap for around two months.
Nevertheless, any challenges or obstacles in the ETH Merge would see Bitcoin takings its top rank. Blockchain experts confirmed possible issues though the success probability remains high.
CryptoQuant analysis shows BTC’s trading volume recently reclaimed the top spot, outperforming Ethereum. It added that the market printed early signals, which suggest a change in which token is leading.
After developers conclude the ETH upgrade around 15 September, the narrative will likely fade. That makes it logical to forecast a behavioral change, according to CryptoQuant.
Market Dominance Crossover
The dominance by volume chart shows BTC noted a trading volume dominance crossover at around 11 September. That reveals possible changes in the BTC dominance pattern post the ETH Merge. The analyst stated that the crossover shows BTC started to gain more dominance on exchanges as far as trading volume is concerned.
That signals Ethereum surrendering the driver’s seat to the world’s largest crypto. Meantime, Ethereum has its price hovering around $1,700. The leading alt traded at $1,726 during this publication, dropping 1.43% within the past 24 hours (Coinmarketcap data).
Meanwhile, Bitcoin has maintained an upside curve over the past week. The dominant asses gained approximately 13.37% within seven days. BTC changed hands at $22,412 during this publication, gaining 4.04% within the past 24 hours.
The crypto market remains bullish today, and the cumulative value of digital assets confirms such optimism. While writing these lines, the global cryptocurrency market capitalization stood at $1.06 trillion, gaining 1.15% over the past day.
Stay around for upcoming crypto updates.