In the run-up to the merger, Etherum takes a share of the market from Bitcoin

In the run-up to the merger, Etherum takes a share of the market from Bitcoin

In the run-up to the Ethereum merger, which will move the Ethereum block from the Proof-of-Work algorithm to the Proof-of-Stake, the second largest capitalization crypthalate began to close down the leader of the cryptoval market, Bitcoin.

According to the CoinMarketCap data platform, Bitcoin's market share dropped to 39.1% from its peak this year at 47.5% in mid-June, while Ethereum's share rose to 20.5% from 16%.

One Ethereum currently stands at 0.082 bitcoin, which is close to the December 2021 maximum and far above its minimum of 0.049 bitcoin this year, recorded in June.

Joseph Edwards, head of financial strategy at Solrise Finance, noted that investors now consider Ethereum a safe asset because of the network's success.

The merger, which is due to take place on Thursday after several transfers, is expected to lead to a wider use of the Ethereum block, which could have a positive impact on its price.

Bitcoin and Ethereum have almost halved since the beginning of the year due to investors' fear of a sharp increase in interest rates by central banks, but the upcoming merger has had a positive impact on the Ethereum price, which has increased by more than 90% since 19 June, while the bitcoin price has increased by about 20%.