After the second largest cryptocurrency, Ethereum, has claimed a $1,500 price level, the currency is now gradually entering an all-time high zone. However, it will not be against USD and against Bitcoin.
After Bitcoin underperformed compared to Ether, Ethereum overcame the distance with Bitcoin and regained a substantial portion of the growth that had been lost.
The graphic provided by Blockware Analyst indicates that Ethereum may resume its upward momentum over Bitcoin.
The lead altcoin, traded near 0.05 BTC before rising to a value of 0.07 BTC in just 3 days. During the booming NFT and DeFi industries’ dominance in November, the market witnessed Ethereum at approximately 0.1 BTC, making it the second-largest cryptocurrency by market valuation.
When the current increase is considered, Ethereum may be regaining ground upon flagship currency since the Merge upgrade, it appears to be attracting greater investment to the project contrast to Bitcoin’s generally low level of additional investment.
At the time of writing, Bitcoin is trading at $22,444 with a surge of 1.47% while Ethereum is selling $1,546 with an upswing of 4.33% in the last 24hrs.
Ethereum Merge Upgradation
One of several largest things to occur for Ethereum after the adoption of the burning mechanism, according to the greater part of experts, is the Merge upgrade schedule announcement, which would be the main cause of Ether’s recent surge.
According to researchers in the sector, Ethereum’s PoW move will encourage greater venture capital funding for network-related companies and the use of the decentralized technology in practical applications.
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