Bitcoin regaining market share as Ethereum merge nears
Bitcoin has seen a strong recovery of 8% over the last seven days, outperforming the rest of the crypto market and regaining some of its market dominance as we approach the long-awaited Ethereum merge.
Sep 12th 2022
This will be a huge week in crypto. The Ethereum merge is scheduled to occur on September 15th, and market participants are hedging like never before. Relative to BTC, ETH has underperformed in the last week, falling from a peak of 0.085 ETHBTC to 0.077 today, while the ETHBTC correlation has declined in a relatively volatile environment.
In addition, we’ve seen subtle hints of BTC decoupling from broad financial markets, most recently with BTC’s strong push Friday morning while financial indexes mostly traded in a flat environment.