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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

Quant Suggests Bitcoin Will Be Back In The Driver Seat After Ethereum Merge

Keshav Verma
Keshav Verma
Last Updated: June 11, 2024 11:32 am
3 mins read

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A quant has suggested that Bitcoin will again become the driving force in the crypto market once the Ethereum merge hype dies down.

Bitcoin Share Of Crypto Trading Volume Already Seems To Be Overtaking Ethereum’s

As explained by an analyst in a CryptoQuant post, there are some signs that point to BTC surpassing ETH once more to be the dominant power in the market.

The relevant indicator here is the “dominance by volume,” which measures what part of the total crypto trading volume is contributed by each coin in the sector.

The “trading volume” is a metric that measures the total amount of crypto being involved in transactions in spot markets.

Now, here is a chart that shows the trend in the dominance by volume for both Bitcoin and Ethereum:

Bitcoin Vs Ethereum Trading Volume

The value of the metric for BTC seems to have crossed over that of ETH in recent days | Source: CryptoQuant

As you can see in the above graph, the Bitcoin percentage share of the trading volume was significantly higher than Ethereum’s during the start of July.

However, as the middle of that month approached, ETH slowly started surging up and passing above the BTC volumes.

Related Reading: Bitcoin Taker Buy Sell Ratio Hits Highest Value in 636 days

In August, the ETH dominance by volume remained higher than BTC’s for the entire month, save for a couple brief spikes for the latter.

This continued into September, until just a few days ago. The reason behind Ethereum leading the bear market for almost two months was the hype created by the upcoming PoS merge.

The quant believes that once the merge is finished in approximately two days, this narrative that kept the crypto’s volumes up will be gone.

Related Reading: Chiliz and Big Eyes Coin: Two Ethereum-based Cryptos that Might Overthrow the Binance Crypto Project

Around three days ago, BTC’s share of the trading volume crossed over that of Ethereum’s and has since stayed up. The analyst points out that this is one of the early signs for a shift in the investor behavior around the merge launch.

BTC overtaking the volumes on exchanges now means soon after the merge, Bitcoin will be back to being the main driving force in the crypto market.

BTC Price

At the time of writing, Bitcoin’s price floats around $22.2k, up 13% in the last seven days. Over the past month, the crypto has lost 7% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

Looks like the value of the crypto has been observing some upwards momentum during the last few days | Source: BTCUSD on TradingView
Featured image from Peio Bty on Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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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

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