Ethereum (ETH), dubbed as the ‘leader of all altcoins’ has long carried the burden and pressure of supplanting Bitcoin (BTC) as the king of all cryptocurrencies.
To this date, it hasn’t succeeded or has come close into completing that mission. Not even The Merge could catapult Ethereum to the top and frankly, it hasn’t been able to even just leave a dent on the wall that was built by Bitcoin to keep its position.
The price gap is significant between these two cryptocurrency assets. CoinGecko tracks that Bitcoin and Ethereum are trading at $19,000. The price of both currencies dropped by 5.8% and 14.9% over the past seven days.
Image: Zipmex
Shared confidence and hopes with Merge
Vivek Raman, an Ethereum researcher, stated that The Merge would allow altcoin alpha, which will finally overcome the largest of the obstacles, to surpass Bitcoin and become the most popular cryptocurrency.
This September’s upgrade, The Merge, will make Ethereum a proof of-stake (PoS). It was also deemed to change the network’s monetary policy, making it more environmentally friendly while reducing ETH supply.
But since the migration, Ethereum hasn’t been able to respond with an appropriate bullish run. Ethereum continues to struggle with plunging prices along with Bitcoin, and all altcoins.
Ethereum’s Moment of Victory
While it still fails to rise in the same level of prominence as that of Bitcoin’s, Ethereum did have a moment of victory against the crypto king after The Merge, courtesy of a rather strange observed trend reversal in crypto market.
Bitcoin’s trading dominance came to an abrupt end after ETH trading volume soared to greater heights and ultimately hit an all-time high.
However, experts believe that the effect of The Merge is limited and although there may be price fluctuations, they will only be temporary. Because Ethereum has been preparing for a shift to proof-of-stake since the beginning, this is not surprising.
Hiro CEO Alex Miller said Bitcoin has already established itself as “the core asset,” calling the crypto “the digital gold.” For that matter, he believes Ethereum surpassing its rival in terms of market capitalization remains improbable as of this time.
Source: TradingView.com| Source: TradingView.com Image featured: Coinpedia Chart by TradingView.com
This analysis should not be taken as investment advice.