The two most widely used currencies in the cryptocurrency market are Bitcoin (BTC) and Ethereum (ETH). ETH is the native cryptocurrency of the Ethereum blockchain platform. Even after falling 57% year to date through September 30th, BTC trades at over $19,700 despite having a market valuation of around $380 billion.
The normal 24-hour trading volume for Bitcoin is in the tens of billions of dollars. On the other side, the market capitalization of ETH is around $180 billion.
A normal 24-hour trading volume is in the tens of billions of dollars, and it is now trading at around $1,500. It was anticipated that the price of ETH would rapidly increase after the Ethereum Merge. This resulted in Ether switching from a PoW to a PoS consensus method.
Some industry analysts believe that in the not-too-distant future, the cryptocurrency that reigns supreme, Bitcoin, might be overtaken by the altcoin that is now the largest.
Will Ethereum Pass Bitcoin?
The massive bull run in the price of Bitcoin in 2021 was the primary factor that drove its market capitalization to more than $1.2 trillion. Since then, it has plummeted back down to a meager $400 billion. During this time, the price of Ethereum had a massive spike that brought it to above $500 billion. That is before it dropped to just over $200 billion.
Now, some traders and investors are forecasting that the price of Ethereum will skyrocket after its long-awaited, dramatic upgrade. This event, known as “the merge,” has the potential to make Ethereum more valuable than bitcoin for the first time. And it is called “the merge.”
Even if Ethereum’s value is going down, it has, like bitcoin’s, been relatively stable over the course of the last week. This is significant since it occurs at a time when foreign currencies and the stock market are both falling. This is as a result of the Federal Reserve raising interest rates once more.
How Is Ethereum Doing Now?
The price of Ethereum continued its ascent and broke beyond the $1,300 barrier. ETH even managed to break beyond the $1,320 barrier while also going above its 50-hour simple moving average.
It is now fighting a losing battle to break above the $1,340 level and a connecting negative trend line that can be seen on the hourly chart.
If the price is able to rise over $1,350, then it may attempt to test the $1,400 barrier again. The next significant barrier is located close to that level.
At the time of this writing, one ether can be purchased for $1313, which is a decrease of 1.19% over the course of the previous 24 hours. And 0.8% over the course of the previous week.
Ethereum’s price presently bids at $1,333, providing minor signs that cause worry.
Since August, there has been a consistent increase in the amount of supply that has been distributed onto exchanges. As seen by the Supply On Exchange Indicator from Santiment.
In principle, the data seem to indicate that a greater supply on exchanges equals a greater number of handlers who are prepared to sell the price of Ethereum.