Mathisen Marketing

Your Marketing Blog

Ethereum Merge Causes Bitcoin Dominance Growth, Here’s Why

Ethereum Merge Causes Bitcoin Dominance Growth, Here’s Why

As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Gamza Khanzadaev

Bitcoin dominance increases after Ethereum Merge and continues this trend

Bitcoin dominance after yesterday’s successful transfer of Ethereum to the stake consensus showed an increase of more than 2 percent. The index, which was at a four-year low at the end of last week, began to rise closer to the date of the important event of the most important altcoin in the crypto market.

Currently reaching 38.84%, Bitcoin became temporarily uninteresting for investors pouring money into Ethereum. Nevertheless, in the five days leading up to the event, analysts on the chain saw strong gains in ETH while the price of BTC rose.

Source: TradingView

As it later turned out, more savvy investors moved money from Ethereum to Bitcoin in advance, especially given the latter’s strongest internal drop in two years on the back of a very negative CPI report.

Now, Bitcoin’s growing dominance is helping it stay in the green despite a more than 1% drop in the S&P 500, with which BTC is closely correlated.

Advertisements

The current state of the crypto market

Unfortunately, despite the fact that the crypto market has temporarily detached itself from the movement of traditional finance, it is still necessary to follow the indices of the US stock market.

So the S&P 500 crossed the important $3,950 level to $3,900 and is currently trading at those levels. If the buyer is unable to hold the $3,900 level within two days, we should expect a further decline, with the first target being the $3,700-$3,640 block. For Bitcoin, which so far is holding on thanks to growing dominance, this means a possible move below the $19,500-$19,000 level.

Source: https://u.today/ethereum-merge-causes-bitcoin-dominance-growth-heres-why

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Source link

Leave a Reply

Your email address will not be published.

Latest Posts

  • Binance launches new program to help law enforcement fight cyber crime

    Binance launches new program to help law enforcement fight cyber crime

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase On September 27, Binance announced its new global law enforcement training program to help law enforcement detect cybercrime and help prosecute malicious actors. This program is the industry’s first globally coordinated project. According to the release, Binance’s research team has […]

    Read More

  • Bitcoin BTC/USD recovers the $20,000 level, but how far can it go?

    Bitcoin BTC/USD recovers the $20,000 level, but how far can it go?

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Bitcoin has risen above the $20 price level amid fading momentum The token continues to correlate with stocks, which also experienced some gains The dollar index, which usually moves inversely to BTC, may be due for a reversal Bitcoin BTC/USD […]

    Read More

  • The Puerto Rico Blockchain Trade Association Launches PRBTA Relief Fund

    The Puerto Rico Blockchain Trade Association Launches PRBTA Relief Fund

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase San Juan, PR, September 27, 2022 – The Puerto Rico Blockchain Trade Association (PRBTA) has launched the “PRBTA Relief Fund” in response to Hurricane Fiona’s passage over Puerto Rico last week, which dumped more than 34 inches of rain, causing […]

    Read More