{"id":7088,"date":"2022-09-12T23:39:44","date_gmt":"2022-09-12T23:39:44","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=7088"},"modified":"2022-09-12T23:39:45","modified_gmt":"2022-09-12T23:39:45","slug":"bitcoin-outpacing-ethereum-ahead-of-the-merge","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=7088","title":{"rendered":"Bitcoin Outpacing Ethereum Ahead of the Merge"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<h3>Key Takeaways<\/h3>\n<p>Bitcoin is outperforming Ethereum despite &#8220;the Merge&#8221; approaching fast.<br \/>\nBitcoin\u2019s dominance surged after hitting crucial support, and ETH:BTC seems to have topped at range high.<br \/>\n If crypto history is any indication, Ethereum\u2019s Merge could be a \u201csell the news\u201d type of event.<\/p>\n<p>Share this article<\/p>\n<p>Bitcoin has outpaced Ethereum over the last few days, even as the number two blockchain prepares for its biggest update ever.\u00a0<\/p>\n<h2>Bitcoin Showing Strength<\/h2>\n<p>Ethereum\u2019s long-awaited upgrade to Proof-of-Stake is approaching, yet Bitcoin is still taking the spotlight. <\/p>\n<p>Bitcoin extended its gains Monday, currently trading at $22,229. Ethereum, meanwhile, is changing hands for $1,715 after suffering a 3.3% dip. The second crypto\u2019s correction comes despite \u201cthe Merge\u201d drawing closer, and equities trading in the green across the board to kick off the week (the S&amp;P 500 is up 0.74%, the Dow Jones 0.54%, and the Nasdaq 0.55%).\u00a0<\/p>\n<p>Bitcoin has shown strength since it broke through support at $18,600 Wednesday; the top cryptocurrency has since climbed by almost 20%. The weekly RSI also shows a bullish divergence for the first time since March, and the monthly for the first time since September 2021.\u00a0<\/p>\n<p>Interestingly, the ETH:BTC ratio has trended down after hitting a 2022 high of 0.085 Wednesday. It\u2019s now trading at 0.077, down 9.2%.\u00a0The ratio previously touched 0.053 in June before ETH led a market-wide rally; for ETH:BTC to revisit the low of its range, it would have to decline another 33.49%. \u201cThe ratio\u201d refers to the amount of ETH it costs to buy one BTC. At a ratio of 0.077, one BTC is worth roughly 13 ETH.\u00a0<\/p>\n<p>According to TradingView, BTC\u2019s overall market dominance (indicating the top crypto\u2019s share of the global cryptocurrency market capitalization) has also surged to 41.28% since bottoming at its multi-year support of 39.79%.\u00a0<\/p>\n<h2>Playing the Merge<\/h2>\n<p>Ethereum\u2019s decline against Bitcoin comes despite growing anticipation for its biggest upgrade in history.\u00a0<\/p>\n<p>This week, the blockchain will \u201cmerge\u201d from Proof-of-Work to Proof-of-Stake, which will result in a 99% reduction in energy consumption and a 90% reduction in ETH emissions. The Merge is expected to ship early on September 15, but ETH has\u00a0yet to reclaim its August high of $2,015.<\/p>\n<p>While the Merge will bring a supply reduction that could positively impact ETH\u2019s price in the long term, it\u2019s possible that the Merge could become a \u201csell the news\u201d event that leads to a selloff after the fact. BitMEX CEO Arthur Hayes told <em>Bankless<\/em> last week that he was optimistic about how the Merge could affect ETH\u2019s price, but he admitted it could suffer in the short term if investors sell on the Merge news. Such events are common in the crypto space. Bitcoin touched a months-long high of almost $65,000 on April 14, 2021, when Coinbase held its initial public offering on Nasdaq before crashing for weeks. Dogecoin, meanwhile, took a big hit after Elon Musk performed a highly-anticipated \u201cDogefather\u201d skit on Saturday Night Live on May 8, 2021. It has not yet reclaimed its highs.\u00a0<\/p>\n<p>With Bitcoin\u2019s dominance rising and the ratio between the top two crypto assets also on a surge, Ethereum could find itself overshadowed before its biggest update ever. If so, perhaps there is no \u201cflippening\u201d on the horizon after all.<\/p>\n<p><i>Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.<\/i><\/p>\n<p>Share this article<\/p>\n<p>The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.<\/p>\n<p>You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.<\/p>\n<p>See full terms and conditions.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptobriefing.com\/despite-the-merge-bitcoin-is-outpacing-ethereum\/?utm_source=category_feed&#038;utm_medium=rss\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Bitcoin is outperforming Ethereum despite &#8220;the Merge&#8221; approaching fast. Bitcoin\u2019s dominance surged after hitting crucial support, and ETH:BTC seems to have topped at range high. If crypto history is any indication, Ethereum\u2019s Merge could be a \u201csell the news\u201d type of event. Share this article Bitcoin has outpaced Ethereum over the last few [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[4],"tags":[],"class_list":["post-7088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7088"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7088\/revisions"}],"predecessor-version":[{"id":7090,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7088\/revisions\/7090"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/7089"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}