Ethereum (ETH), known as the ‘leader of all altcoins’, has long carried the burden and pressure of replacing Bitcoin (BTC) as the king of all cryptocurrencies.
To date, it has not succeeded or come close to completing that mission. Not even the merge could propel Ethereum to the top and clearly, it just hasn’t been able to make a dent in the wall built by Bitcoin to maintain its position.
In terms of price, there is a considerable difference between the two crypto assets. Tracking from CoinGecko shows that at the time of writing, Bitcoin is trading at $19,003 while Ethereum is at $1,338. Both the currencies experienced a decline of 5.8% and 14.9% respectively in the past seven days.
False beliefs and hopes mixed with
During an interview last July, Ethereum researcher Vivek Raman expressed confidence that The Merge will enable Alcoin Alpha to eventually overcome its biggest hurdles and surpass Bitcoin, becoming the new most dominant cryptocurrency.
The merge refers to an upgrade that was completed this September that will put Ethereum into a proof-of-stake (PoS) system. It was also understood to change the network’s monetary policy, making it more environmentally friendly while reducing the ETH supply.
But since the migration, Ethereum hasn’t been able to react with proper bullishness. Instead, as with bitcoin and all other altcoins, it continues to deal with falling prices.
Victory moment for Ethereum
While it still failed to rise to the same level of prominence as Bitcoin, Ethereum had a moment of victory against the crypto king following the merge, courtesy of a strangely observed trend reversal in the crypto market.
Bitcoin’s trading dominance abruptly ended after ETH trading volume reached higher highs and eventually reached an all-time high.
However, experts believe that this effect of The Merge to Bitcoin is minimal and will result in price volatility, it will be transient. This is because changes to the proof-of-stake mechanism have always been a part of Ethereum’s plan from day one.
Hiro CEO Alex Miller said that bitcoin has already established itself as a “core asset”, calling the crypto “digital gold”. For that matter, he believes that ethereum is overtaking its rival in terms of market capitalization is impossible as of the moment.
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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