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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Ethereum: Can The Top Altcoin End Bitcoin’s Dominance Post Merge?

Christian Encila
Christian Encila
Last Updated: September 21, 2022 1:40 pm
3 mins read
Ethereum

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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.

In terms of price, there is considerable gap between the two crypto assets. Tracking from CoinGecko shows that as of this writing, Bitcoin is trading at $19,003 while Ethereum is at $1,338. Both currencies experienced price drop for the last seven days, 5.8% and 14.9%, respectively.

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Image: Zipmex

Misplaced Confidence And Hopes With Merge

Last July during an interview, Ethereum Researcher Vivek Raman expressed confidence that The Merge will enable to altcoin alpha to finally topple the biggest of its hurdles and surpass Bitcoin, becoming the new most prominent cryptocurrency.

The Merge refers to an upgrade that was completed this September that will put Ethereum to a proof-of-stake (PoS) system. 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. Instead, along with Bitcoin and all other altcoins, it continues to deal with plummeting prices.

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A Moment Of Victory For Ethereum

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.

Experts, however, believe that this effect of The Merge to Bitcoin is minimal and there will be resultant price movements, it will be transient. This is because the shift to a proof-of-stake mechanism has always been part of the plan for Ethereum since day one.

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.

ETH total market cap at $165 billion on the daily chart | Source: TradingView.com

Featured image Coinpedia, Chart: TradingView.com
(The analysis represents the author's personal views and should not be construed as investment advice).
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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