Since early 2018, the bitcoin dominance rate (BTCD) has fallen to the lowest value, whereas the dominance of Ethereum (ETH) has increased at an accelerated rate ahead of the Merge.
There is considerable hype around the Crypto ecosystem as the much-awaited Ethereum merge is scheduled for September 15. This Merge will see the transition of the Ethereum network from a proof of work (POW) mechanism to a proof of stake (POS) mechanism.
The upcoming Merge upgrade has fuelled Ethereum (ETH) price action and drove tremendous capital inflow into the asset. As of September 6, Bitcoin’s crypto market dominance tumbled to a four-year low, falling as low as 39%, with a market capitalization of $381.2 billion; at the same time, Ethereum hosts 20.3% dominance, accounting for a market capitalization of $202.8 billion.
Ethereum Keeps Surging
Ethereum enjoyed a massive bullish momentum as soon as the platform’s creator, Vitalik Buterin, confirmed that the Merge would likely happen between September 13-15. The Merge is an ecosystem upgrade that will enhance the security and energy efficiency of the ETH network.
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As the Merge is just 10 days away, many crypto analysts are highly optimistic about the long-term impact of the Merge on Ethereum’s market dominance and price growth. However, there is a consensus that the rally will depend on the Merge’s initial success.
This is because Bitcoin price is struggling below the $20,000 mark despite rival assets like Ethereum recording gains. At the time of writing, the top coin is changing hands at around $19,800. It is worth noting that the Bitcoin price movement has inspired the rest of the market to rally historically.
Cardano Takes Center Stage
At the same time, Cardano’s upcoming Vasil hard fork is expected to introduce several improvements to the network. These include increased security, improved governance, and smart contracts. The hard fork is scheduled to occur on September 22.
Amid the increasing hype, Cardano’s ADA token price has risen by over 3% in the past 24 hours and 10% in the last seven days. The price of ADA is now $0.50, with a market capitalization is $22B. As per Coincodex, Cardano’s dominance has increased by 13% in seven days, with current Cardano dominance standing at 1.64%.
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Moreover, Cardano (ADA) added over $2.1 billion in market cap within a week after the confirmation of the upgrade and surpassed XRP in the race.
ETH Mining Revenue Jumps
Ethereum has been the talk of the Crypto town due to the Merge. In August, the Ethereum mining revenue outpaced Bitcoin as Miners kept rushing to contribute power to validate proof-of-work (PoW) ETH transactions before it became a proof-of-stake (PoS) asset in September.
Reportedly, the mining revenue increased by 21%, from $620.65 million in July to $756.11 million in August. Despite this, revenue is less than what miners generated for the same period last year. Consequently, Bitcoin miners also saw a spike in revenue. There was a 9.9% increase from $597 million in July to $657 million in August.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)