- Ethereum takes away some of Bitcoin’s market dominance.
- BTC dominance has slumped to 41.57% from its June high of 48%.
- Experts argue that the Ethereum merge will play a key role if the top altcoin seeks to be the top cryptocurrency.
Ethereum (ETH) has been the Luigi to bitcoin’s Super Mario for years, but the top altcoin now looks to go head toe-to-toe with the king of cryptocurrency.
As the anticipated Merge looms, slated for Thursday in the estimate, the second-largest cryptocurrency in market capitalization is taking away some of the market shares from Bitcoin (BTC). Bitcoin’s market dominance, or its share of the cryptocurrency market’s value, has dipped to 41.57% from its 48.36% high on June 11. In fact, BTC’s market dominance even slipped to 39.11% just last week.
On the other hand, Ethereum (ETH) has tallied 20.34% from its 16% in June.
While gunning for the top dog in the cryptocurrency market would be a tall order for Ethereum, some industry watchers and analysts argue that ETH will overtake BTC in terms of the total value of all the coins as a result of the Merge; this event is dubbed “The Flippening.”
A spur-of-the-moment match equation shows The Flippening would take place if ETH taps close to $3,050 — true only in the relatively unlikely event that BTC’s price holds steady.
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c) every cryptonative fund in the world is positioning for the Merge in some wayd) ETH is looking deflationary post-Merge, while BTC has an uncertain supply event from the Mt Gox distro hanging over it
e) we just had 9% inflation, and BTC “failed” as an inflation hedge pic.twitter.com/RE3A7dBmSX
— Joshua Lim (@joshua_j_lim) August 29, 2022
As for the prices, ETH exchanges hands at $1,723.38. Meanwhile, BTC trades at 22,434.46
With Ethereum going green, ditching the energy-intensive PoS for PoW, experts say the project will attract investors concerned with sustainability.
“We’re going to see [ETH’s] attractiveness to some investors who are concerned about energy consumption,” said Doug Schwenk, CEO of Digital Asset Research. However, Schwenk stated that ETH is still way behind BTC.
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