BREAKING: Bitcoin Rival Falls… Market Watching Throne Struggle By

© Reuters – As hype grows for a long-awaited network upgrade, traders are hoping for a smooth transition that could prove a successful transition of Ethereum to a Proof of Stake mechanism.

However, there may be some issues that the ecosystem needs to take care of for the upgrade process to succeed, however, the second largest investors don’t have a role to play in the technology transformation but they are already benefiting greatly according to analysts.

Awaited upgrade

The merge is set to run at the Total Terminal Difficulty (TTD) level and this will officially mark the network’s transition to Proof of Stake consensus.

Meanwhile, blockchain experts are warning of potential problems during the merger, with Ethereum co-founder Vitalik Buterin saying that the merger could happen between September 13-15.

Problems with integrating Ethereum?

Recently, crypto market analysts speculated that the Ethereum merger could most likely be a successful event.

Some analysts said there was a 10% chance the transition would run into obstacles, while Kristen Smith, CEO of the Blockchain Association, said there might be small issues.

“I think it will mostly be successful but I’m sure there will be small issues that need to be resolved, more Ethereum tokens will have to be closed in order to run network operations,” she added.

price drop

Meanwhile, the price of Ethereum appears to be pulling back after the recent rally due to the anticipation of consolidation, meanwhile around 85% of clients are now ready for a network upgrade, and the coin ecosystem is set to move to a consensus Proof of Stake rather than Proof of Work.

Ethereum fell during trading today, Monday, near the levels of 1700 per symbol, a decline of about 2%, while Ethereum is still recording gains throughout the week, in the range of 8.3%.

Ethereum is now declining during a month’s trading by 9%, while it rises by 12% within sixty days, while it decreases by 1.6% within ninety days, while it has decreased by more than 53% since the beginning of the current year 2022.

First Bitcoin

So far, the Bitcoin token has been announced as the main digital currency by many around the world, however, the first alternative is Ethereum as per the expectations of many analysts.

The current market capitalization of the second largest cryptocurrency is around $212 billion as Ethereum’s dominance rate drops a few days before the upcoming merger below 20% levels, while Bitcoin’s dominance is less than 40% up from a 4-year low.

Optimism about Bitcoin

The analyzes revealed that the coin shows promising prospects in other areas, as this rapid optimism appears more on the chain of analytics platforms.

Analytics firm Glassnode said the number of transactions (7d MA) for bitcoin reached a one-month high of 10,700.7 on September 12.

This is not all for the number one coin, at the moment with a general change in sentiment towards Bitcoin bulls appear to be in a stronger position than bears.

According to data from Santiment, positive sentiment continues to range ahead of negative sentiment on the current charts of bitcoin’s rally, this comes despite the recent decline.

sexy growth

Another dramatic growth in Bitcoin’s MVRV ratio was seen in recent days on September 12, as the ratio soared above one to indicate increased profitability across Bitcoin addresses.

This comes on the back of Bitcoin’s impressive display on the daily charts as it recently broke the $22,000 resistance after 2.5% to $22,250.

Ethereum outperforms

However, there was a massive change in the futures market in August as Ethereum outperformed Bitcoin in futures trading volume.

In fact, last month marked the first time since records began that the trading volume of Ethereum futures Bitcoin exceeded $1.07 trillion over the course of the month according to a report by Tom Rodgers, head of research at ETC Group.

But September is expected to show a change of mind once the consolidation forecast ends at the end, with Bitcoin once again on top.

Bulls awakening

Today Bitcoin broke through the $22,000 levels as crypto markets show signs of momentum, however, analysts are divided on how long the rally will last.

With Bitcoin rising, concerns about inflation, interest rates and the threat of a recession have not abated, which prompted Bitcoin to struggle to break through $20,000.

The world’s largest cryptocurrency sank to a two-month low of $18,700 last Wednesday, before a reversal capped investor sentiment as bulls took the lead on Friday.

Bitcoin’s gains have accelerated past $20,000 and $21,000 with little resistance, all as MicroStrategy reveals plans to sell $500 million of equity, which will be earmarked to buy more Bitcoin.

Bitcoin and cryptocurrencies are struggling, along with fluctuating investor appetite, and a move away from riskier assets such as stocks and cryptocurrencies amid expectations that the US Federal Reserve will tighten further at the next meeting.

The article does not express a recommendation or nomination, but rather a mere monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.

Leave a Comment